“These funding requests are good investments and are fiscally prudent. Credit unions are often the exact types of community lenders that are perfectly suited to help someone make that mortgage payment or receive that small loan to pay their one or two employee,” the letter reads. “Credit unions, not predatory lenders, should be where these Americans turn for financial assistance.”
CUNA’s recommendations include:
$500 million for the Community Development Financial Institutions Fund, which makes capital grants, equity investments and awards for technical assistance to certified CDFIs.
$6 million for NCUA’s Community Development Revolving Loan Fund, which funds a revolving loan program and a technical assistance program.
A funding increase for the Financial Crimes Enforcement Network, to help with its mission to combat money laundering and other illicit uses of the financial system.
$30 million to expand for the Credit for Agriculture Producers' (CAP) Technical Assistance Project to support Ukrainian credit unions in rebuilding their country.
$50 million to support the efforts of the countries surrounding Ukraine to support reintegration of Ukrainian displaced persons and refugees, enhance local economic stability and growth via investing in credit union financial services provision for agriculture, small business and vulnerable populations, and to mitigate global food insecurity through credit union supported agricultural lending.
$50 million for the U.S. Agency for International Development’s Cooperative Development Program (CDP) to aid the World Council of Credit Unions’ efforts to build cooperative financing programs worldwide.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
