FOR IMMEDIATE RELEASE
August 4, 2020
Credit Union National Association (CUNA) President/CEO Jim Nussle released the following statement after Sen. Brian Schatz (D-Hawaii) introduced a bill Tuesday that would create a $2 billion Community Development Institutions (CDFI) crisis fund to help with pandemic recovery and other emergencies:
“The pandemic and ensuing economic crisis has had a disproportionate impact on vulnerable communities and the policy response needs to recognize that more needs to be done to help these communities recover. Sen. Schatz’s legislation to create CDFI National Crisis Fund will ensure that CDFI credit unions can get much needed resources to our most vulnerable communities, reducing the pain experienced as the result of any number of disasters.”
Nussle sent a letter to Sen. Schatz in support of the legislation today.
The bill’s $2 billion CDFI Crisis Fund would serve as a complement to the Treasury’s CDFI Fund. It would be refilled as funds are deployed each year, and can be activated nationally or state-wide through two automatic triggers:
As of July 13, there are 331 CDFI certified credit unions nationwide.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 115 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.