Adequate funding for key CU programs essential in FY21

November 18, 2020

CUNA wrote to Senate Appropriations Committee leadership Wednesday in support of several credit union priorities in committee-released appropriations legislation for fiscal year 2021.

“Credit unions have interest in several programs and report language included in these bills and as we continue to endure the COVID-19 pandemic and ensuing economic crisis, adequate funding for key programs is essential,” wrote CUNA President/CEO Jim Nussle.

CUNA’s letter calls for:

  • $273.5 million for the Treasury’s Community Development Financial Institutions (CDFI) Fund and $2 million for NCUA’s Community Development Revolving Loan Fund (CDRLF). Those amounts are present in appropriations legislation passed by the House July 31, Senate-passed legislation contains $262 million for the CDFI Fund and nothing for the CDRLF;
  • $20 million for the U.S. Agency for International Development’s Cooperative Development Program (CDP). The Senate Appropriations Committee’s legislation contains $20 million in CDP funding;
  • The addition of legislation report language from House-passed appropriations legislation that would:
    • Direct the Cybersecurity and Infrastructure Security Agency (CISA) to do a risk assessment on vulnerabilities in U.S. payments systems, and make an unclassified version publicly available; and
    • Prohibit funding from being used to penalize a financial institution for providing service to hemp-related businesses.

CUNA also expressed concerns over language in a House-passed appropriations bill encouraging the U.S. Postal Service to carry out postal banking pilot programs.