CUNA opposes an administration-proposed $151 million cut to the Capital Magnet Fund, which CDFI credit unions use to support affordable housing. The cut is part of an administration package of proposed multi billion-dollar spending cuts.
CUNA wrote to House and Senate appropriators Tuesday to push for full funding of the Treasury’s CDFI Fund for fiscal year 2018. CUNA, league and credit union advocacy efforts helped restore funding for FY17.
With President Donald Trump's signature of H.R. 244, the government will be funded through Sept. 30. With the signature comes increased support for the CDFI Fund-a priority for CUNA and credit union stakeholders.
Grants and other awards from the Treasury Department are essential for Community Development Financial Institution credit unions to serve their communities. Those credit unions are using CUNA’s Member Activation Program to tell their CDFI stories.
With just over 2 weeks remaining until government funding expires, the Federation of Community Developing Credit Unions is pushing for full funding of the CDFI Fund by highlighting positive things accomplished with CDFI funds.
Seventy-one members of Congress wrote to House appropriations leaders this week requesting the CDFI Fund receive its full $250 million in fiscal year 2017. CUNA sent its own letters to House and Senate appropriators this week, calling for full funding.