Letter to Senators Bond, Mikulski and Stevens; Representatives Young, Walsh and Mollohan regarding Community Development Financial Institutions
March 17, 2004
On behalf of the Credit Union National Association (CUNA) and America's nearly 85 million credit union members, I am asking for your help in providing increased funding for the Community Development Financial Institutions (CDFI) Fund for FY2005. As you know, the Administration requested only $48.4 million for the CDFI fund for FY2005 - $12.6 million less than the $61 million Congress appropriated in FY2004. Unfortunately, the CDFI Fund has faced drastic cuts in recent years and has been severely under-funded since the program's appropriation in FY2001, when it was funded at $118 million.
CUNA, as part of the CDFI Coalition, strongly supports an increase in this fund to a minimum of $80 million. Credit unions believe the CDFI fund plays a critical role in promoting economic revitalization and community development by investing in, and assisting community development financial institutions. Therefore, I am asking for your leadership in securing a funding level of $80 million to ensure the CDFI fund will continue to provide credit, investment capital, and financial services in distressed communities.
Thank you for your consideration of this issue.
Daniel A. Mica
President & CEO