Removing Barriers Blog

CUNA Writes to Appropriations FSGG Subcommittee Prior to Hearing Discussing CDFIs
Posted February 26, 2019 by CUNA Advocacy

CUNA wrote to Chairman Quigley and Ranking Member Graves prior to today’s House Appropriations Subcommittee on Financial Services and General Government hearing entitled, “Leveraging Private Capital for Underserved Communities and Individuals: A Look into Community Development Financial Institutions (CDFIs).” 

CDFIs such as some Community Development Credit Unions (CDCUs) 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 (which relies heavily upon private sector funds from corporations, individuals, religious institutions, and private foundations).

On behalf of America’s credit unions and their 115 million members, CUNA will continue to reiterate that full funding the CDFI Fund is needed and that the CDFI Fund is a strong investment by the federal government.