The Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2022 contains CUNA-supported funding levels for several credit unions priorities, CUNA wrote to the House Appropriations FSGG Subcommittee Thursday.
“The draft text includes $320 million for the Community Development Financial Institutions (CDFI) Fund and $4 million for the Community Development Revolving Loan Fund (CDRLF). CUNA strongly supports these requests for these two important funds in FY 2022,” the letter reads. “CUNA also supports Section 629 of the draft that prohibits funds appropriated in the bill from being used to penalize financial institutions that provide services to entities involved in legal cannabis businesses.”
The CDFI Fund makes capital grants, equity investments and awards for technical assistance to CDFIs. As of June 16, credit unions are 356 of 1,234 certified CDFIs, the largest institution type.
NCUA administers the CDRLF to assist credit unions serving low-income communities to provide financial services, stimulate economic activities and operate more efficiently.