Removing Barriers Blog

CUNA Urges Appropriations Committees to Continue Funding CDFI
Posted June 21,2017 by CUNA Advocacy

CUNA sent letters to both the House and Senate Appropriations Committee, urging Congress to fully fund the Community Development Financial Institution (CDFI) Fund at $248 million in FY 2018.  The President’s proposed FY 2018 budget zeros out both the CDFI Fund and the Community Development Revolving Loan Fund (CDRLF). 

CDFIs such as Community Development Credit Unions are charged with supplying low-income, distressed communities with traditional banking services such as savings accounts and personal loans, and offering individuals the tools needed to become self-sufficient stakeholders in their own future.  The CDFI Fund uses small amounts of federal dollars to leverage significant amounts of private and non-federal dollars, and has added a tremendous boost to the CDFI industry. 

Earlier this spring, the President’s FY 2017 budget also zeroed out the CDFI Fund, but due to an aggressive grassroots campaign the CDFI Fund was funded at a higher rate than the previous year.   

As Congress appropriates money for the upcoming fiscal year, CUNA will continue its comprehensive plan to lobby the Senate and House Appropriations Committees to ensure funding for the CDFI and the CDRLF programs

Read the full text of each letter here – Senate and House