Removing Barriers Blog

CDFI Funding Cut and CDRFL Zeroed Out in Appropriations Language
Posted June 29, 2017 by CUNA Advocacy

The House Appropriations Subcommittee on Financial Services and General Government will consider its FY2018 Appropriations bill this afternoon.  The Community Development Financial Institutions (CDFI) Fund and the Community Development Revolving Loan Fund (CDRLF) both fall under the subcommittee’s appropriations jurisdiction.   

Yesterday afternoon, the Committee released the draft legislation. In its current version, the bill cuts the CDFI Fund to $190 million (from $248 million) and does not fund the NCUA’s CDRLF for fiscal year 2018, and contains other items of interest to credit unions – including placing the NCUA under the Appropriations process. 

CUNA has been actively engaged with the Committee to reiterate the importance of both the CDFI and CDRLF and is very disappointed in the proposed cuts.  The impact that credit unions make through those funds is indisputable and benefit communities across the country.  

As the appropriations process proceeds, CUNA urges credit unions, their employees, volunteers and members to engage their Representatives and Senators and demand full funding of these important programs.