Adequate funding for key CU programs essential in FY21
“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.