Letter to Senators Mikulski and Bond and Representatives Walsh and Mollohan regarding Community Development Financial Institutions
February 18, 2002
On behalf of the Credit Union National Association (CUNA) and America's 82 million credit union members, I am asking for your help in providing full funding for the Community Development Financial Institutions (CDFI) Fund for FY2003. As you know, the Administration requested $68 million for the CDFI fund for FY2003. Unfortunately, this is a decrease of $12 million from the $80 million appropriated in FY2002, and a $50 million decrease from the $118 million appropriated in FY2001.
CUNA strongly supports an increase in this fund to $125 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 $125 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