The Treasury’s CDFI Fund is being used to grow local economies and serve communities in need, CUNA wrote to the House Appropriations subcommittee on financial services and general government. There are 285 certified CDFI credit unions.
Federally insured, low-income credit unions that want to become certified Community Development Financial Institutions can apply to use the NCUA’s qualification process for streamlined CDFI certification from Jan. 13 through Feb. 9.
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.