CUNA supports the Interagency Community Investment Committee’s (ICIC) goal of improving the effectiveness of federal community investment programs, it wrote to the committee Monday. The committee issued a Request for Information on improving the operations and delivery of federal community investment programs.
“Alignment of requirements including definitions, deadlines, and reporting requirements allows credit unions investments in systems and processes to have exponential impacts for the communities they serve,” the letter reads. “Reductions in barriers will ensure that the broadest number of underserved, unbanked, and low-income e communities get access to safe and fair financial products and services that will contribute to their overall financial well-being strengthen the capacity of community financial institutions, such as Community Development Finance Institutions (CDFIs), Minority Depository Institutions (MDIs), Revolving Loan Funds (RLFs), community banks and credit unions to low- and moderate-income communities and historically underserved populations.”
CUNA also makes additional suggestions to help improve the effectiveness of federal community investment, including: