Removing Barriers Blog

CUNA writes to Senate Appropriations in support of CDFI & CDRLF Funding
Posted June 22, 2021 by CUNA Advocacy

CUNA wrote to the Senate Appropriations Subcommittee in strong support of funding for the Treasury’s Community Development Financial Institutions (CDFI) Fund and NCUA’s Community Development Revolving Loan Fund (CDRLF).  The President’s budget request for Fiscal Year 2022 includes $320 million for the CDFI Fund and $2 million for the CDRLF. CUNA strongly supports the requests for these two important funds in FY 2022. 

The Community Development Financial Institutions Fund was established in 1994 by the Riegle Community Development and Regulatory Improvement Act and is administered by the Treasury Department. It makes capital grants, equity investments and awards for technical assistance to community development financial institutions (CDFIs). 

The Community Development Revolving Loan Fund assists credit unions serving low-income communities to: 1) provide financial services to their communities; 2) stimulate economic activities in their communities, resulting in increased income and employment; and 3) operate more efficiently. The CDRLF was initially established by a $6 million Congressional appropriation to assist credit unions serving low-income communities. The CDRLF funds a revolving loan program and a technical assistance program.