The National Association of Federally-Insured Credit Unions (NAFCU), along with other financial associations, recently urged leaders of the House and Senate Appropriations Committees to support $250 million in funding for the Community Development Financial Institutions (CDFI) Fund.
The associations asked that the fiscal 2018 Financial Services and General Government appropriations bill include legislative and report language that “explicitly reaffirms” Congressional intent that the U.S. Treasury Department’s CDFI Program support the entire diverse CDFI sector.
“CDFI banks and credit unions are regulated mission-oriented financial institutions committed to promoting economic opportunity and providing responsible financial services in low-income communities,” the letter to Congressional leaders stated.
The letter was sent to Senate Appropriations Committee Chairman Thad Cochran (R-MS) and Ranking Member Patrick Leahy (D-VT) as well as House Appropriations Committee Chairman Rodney Frelinghuysen (R-NJ) and Ranking Member Nita Lowey (D-NY).
“No other Federal program provides this type of critical enterprise-level support that enables CDFIs to build capacity, leverage private capital, and expand lending and services for the benefit of low-income communities,” the letter continued. “Over the past 20 years, these resources have enabled CDFIs serving distressed urban and rural communities across the nation to create jobs, promote small businesses and homeownership, support affordable rental housing, provide community services, and promote fair and responsible consumer loans and financial services.”
Along with NAFCU, signers of this week’s letter include the American Bankers Association, Community Development Bankers Association, CUNA, National Federation for Community Development Credit Unions, Independent Community Bankers of America and National Bankers Association.