Removing Barriers Blog

CUNA Writes in Opposition of Cuts to CMF
Posted May 10, 2018 by Chandler Schuette

On Wednesday afternoon, CUNA wrote to House and Senate Appropriations Committee leadership in opposition to any recessions from the Capital Magnet Fund (CMF).  This fund provides grants to Community Development Financial Institutions (CDFI) credit unions to finance affordable housing.

This week the administration requested congressional appropriators rescind $151 million in budget authority for the CMF. A House appropriations bill released on Wednesday would rescind $141.7 million from the CMF.

CUNA opposes this rescission from funds that have already been authorized, particularly funds that credit unions are able to leverage for much-needed affordable housing solutions in the communities they serve. Congress has repeatedly protected the CDFI Fund from proposed cuts and elimination.  Fully funding the CMF and the CDFI Fund is an important investment by the federal government.

CUNA successfully fought for increased CDFI funding in the omnibus spending legislation passed by Congress in March after early proposed eliminated funding completely and will continue to engage with the both the House and Senate Appropriations Committees to ensure funding continues.