Removing Barriers Blog

CUNA Sends Letters of Support for CDFI & CDRLF
Posted September 29, 2017 by CUNA Advocacy

Congress heard from credit unions on behalf of the Community Development Financial Institution (CDFI) Fund this week when two letters were sent from CUNA and from CDFI-designated credit unions throughout the country.  

The first letter was sent to Senate Appropriations Committee and Subcommittee leadership where CUNA urged for full funding of both CDFI and the NCUA’s Community Development Revolving Loan Fund (CDRLF) in FY 2018.  CUNA also urged the Senate appropriators not to include any provision that would place the NCUA under the appropriations process. 

Another letter was sent to the entire Congress from CUNA and CDFI-designated credit unions in strong support for full funding, of $248 million, for the Treasury’ CDFI Fund.  The letter highlights two examples of CDFI credit unions leveraging funds to make an impact in their communities: 

  • Appalachian Community FCU, Johnson City, Tenn., used a $2.1 million CDFI grant to provide $10,500 down payments for over 200 families in its community to become first-time home buyers; and 

  • St. Louis Community CU, St. Louis, which leveraged and $849,000 grant into $22.7 million in auto loans through a program to provide affordable car loans to low- and moderate-income individuals and families so they can have access to reliable transportation to get to and from work. 

The appropriations bill passed by the House earlier this month funds the CDFI Fund at $190 million, an amount still at pre-recession levels. CUNA has been very engaged with the funding levels for the CDFI and CDRLF and will continue to work with the Senate Appropriations Committee to ensure funding for FY2018.