CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » CDFI Fund, CDRLF need appropriate FY23 funding levels
Policy & Issues

CDFI Fund, CDRLF need appropriate FY23 funding levels

June 16, 2022
CDFIFund

CUNA wrote to the House Appropriations Financial Services and General Government Subcommittee Thursday with requests regarding several credit union priorities for fiscal year 2023. These include the Treasury’s Community Development Financial Institutions (CDFI) Fund and NCUA’s Community Development Revolving Loan Fund (CDRLF).

“The CDFI Fund and the CDRLF are both designed to help the types of community-based financial institutions, like credit unions, that are perfectly positioned to receive this funding the quickest and then turn it around and provide financial assistance to the people and small businesses that need it the most,” the letter reads. “Credit unions have a long history of providing low-interest loans and other types of financial assistance to individuals and small businesses during government shutdowns and natural disasters.”

The CDFI Fund makes capital grants, equity investments and awards for technical assistance to certified CDFIs. Credit unions are 469 out of 1,373 certified CDFIs as of June 14, the largest single depository institution type.

CUNA recommends the CDFI Fund receive an appropriation of $330 million in FY23. CUNA also supports President Joe Biden’s proposed $5 billion in mandatory funding for the CDFI Fund to address the affordable housing crisis.

The CDRLF funds a revolving loan program and a technical assistance program to help credit unions expand their digital services, fight fraud, open new branches in underserved areas, offer a new product or service, and more.

CUNA supported Biden’s request of $6 million for the CDRLF.

Credit Union Magazine: Rock Stars 2023

Rock Stars 2023

Credit Union Rock Stars are outstanding credit union professionals and directors from a wide range of disciplines who inspire and innovate to advance the missions of their credit unions. The 25 members of the 11th class of Rock Stars were selected for their exceptional creativity, innovation, and passion.
Digital Edition •  Subscribe

Trending

  • Meet the 2023 Credit Union Rock Stars

  • Senate Banking Committee passes cannabis banking bill

  • Senate committee to mark up SAFER Banking Act this week

Polls

Do you plan to use the FedNow instant payment service?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us