CUNA calls for FY24 funding for international CU programs

CUNA wrote Senate Appropriations Committee leaders Thursday in strong support of several international credit union priorities. There are over 86,000 credit unions in 118 countries with $2.6 trillion dollars in total assets serving 291 million members. 

“We are writing in strong support of fiscal year 2024 funding levels of $50 million for the Cooperative Development Program (CDP); $30 million to expand for the Credit for Agriculture Producers' (CAP) Technical Assistance Project; and $50 million to support the efforts of the countries surrounding Ukraine to support reintegration of Ukrainian displaced persons and refugees,” the letter reads.

The CDP focuses on building capacity of cooperative businesses and systems for self-reliance, local ownership, and sustainability. It was funded at $18.5 million in FY23.

The CAP Technical Assistance Project allows Ukrainian credit unions ensure the liquidity of credit unions, access to savings and agricultural loans to support local food security, and other community needs.

The Ukrainian Parliament passed a law July 14 to facilitate increased access to financing for underserved Ukrainians.

The additional $50 million CUNA requests would support World Council of Credit Union efforts to ensure communities affected by the war can receive funding.