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A stronger voice to advance the credit union industry.
CUNA wrote Congressional appropriations leaders in support of several credit union priorities this week, as both House and Senate subcommittees conducted hearings on their FY24 funding bills. CUNA wrote to the Financial Services and General Government Subcommittees for their hearings on the Treasury Department’s FY24 budget.
“Specifically, we recommend that the Community Development Financial Institutions (CDFI) Fund receive an appropriation of $500 million in Fiscal Year 2024. In addition, we request $6 million for the Community Development Revolving Loan Fund (CDRLF),” the letter reads. “Finally, CUNA requests a funding increase for the Financial Crimes Enforcement Network (FinCEN) within the U.S. Department of the Treasury.”
The CDFI Fund makes capital grants, equity investments and awards for technical assistance to CDFIs for community development initiatives such as small businesses, community facilities, and low-income housing.
Credit unions are 480 of 1,406 certified CDFIs as of March 20, the largest type of depository institution.
The CDRLF funds a revolving loan program and a technical assistance program.
CUNA also said the “significant funding increase” for FinCEN is needed.
“As our nation’s Financial Intelligence Unit, FinCEN plays a critical role in combatting money laundering and other illicit uses of the financial system that fuel international terrorism, cybercrime, corruption, human rights abuses, and the illegal trafficking of persons, drugs, weapons, wildlife, and more,” it reads “Crucially, FinCEN is also a key player in detecting any attempts to evade sanctions or US-imposed import restrictions related to the Russian Federation."
President Joe Biden released his FY24 budget request earlier this month, which includes $341 million for the CDFI Fund and $4 million for the CDRLF.