Members of House Send Comments on CDFI to House Committee on Appropriations
As the U.S. House of Representatives and the Senate begin work on their respective financial services appropriations bills, credit unions have engaged with lawmakers to ensure the continued funding of the Community Development Financial Institutions (“CDFI”) Fund.
Community Development Financial Institutions, such as community development credit unions, 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, housed within the Department of the Treasury, uses small amounts of federal dollars to leverage significant amounts of private and non-federal funding. The Fund makes capital grants, equity investments, and awards for technical assistance to certified CDFIs. Since its inception, the CDFI Fund has awarded more than $3.2 billion on a competitive basis to CDFIs.
The Association, on behalf of its member credit unions, is committed to ensuring the full funding of the CDFI Fund, as many of our member credit unions use the funds available from this important program to spur economic activity in their local communities.
Recently, Congressmen Carolyn Maloney (D-NY), Don Young (R-AK), and Barbara Lee (D-CA) authored a Dear Colleague letter to the House Committee on Appropriations requesting $300 million in funding for the CDFI Fund. The letter was endorsed by over 100 members of the House of Representatives.
From the Association’s member state congressional delegations, the letter was signed by Congressmen Jim McGovern (D-MA), Ayanna Pressley (D-MA), Stephen Lynch (D-MA), Annie Kuster (D-NH), Donald Payne, Jr. (D-NJ), Jeff Van Drew (D-NJ), Albio Sires (D-NJ), Bill Pascrell, Jr. (D-NJ), Frank Pallone, Jr. (D-NJ), and David Cicilline (D-RI).
A similar Dear Colleague letter is also currently being circulated amongst the Senate, spearheaded by Senator Robert Menendez (D-NJ). Current signatories from the Association’s congressional delegations include: Senators Jeanne Shaheen (D-NH), Cory Booker (D-NJ), and Jack Reed (D-RI). The letter remains active for signatures in the Senate.
The Association will continue to remain engaged with offices to educate lawmakers on the importance of this issue for credit unions and encourage additional signatures on these letters which increase the visibility and importance of the issue.
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