CUNA wrote to Senate leadership this week in opposition to a bill that would rescind $141 million from the Treasury’s Community Development Financial Institutions (CDFI) Fund. The Senate voted down the legislation Wednesday afternoon by a 48 to 50 vote.
The $141 million would come from the CDFI Fund’s Capital Magnet Fund (CMF), which awards grants to finance affordable housing solutions and community revitalization efforts to benefit low-income individuals and communities.
CUNA fought to secure the $250 million for the CDFI Fund in the FY2018 appropriations legislation
As of April 30, credit unions are 283 of the 1,079 certified CDFIs nationwide.