WASHINGTON--The House Financial Services and General Government (FSGG) Subcommittee is expected to mark up its FY27 bill starting Friday, and credit unions are encouraging members to fully fund the Treasury’s Community Development Financial Institution (CDFI) Fund.
A letter from America’s Credit Unions urged the subcommittee to earmark at $324 million in FY27, an increase from the subcommittee’s proposed $276.6 million, ACU noted.
Credit unions are 446 of the 1,383 certified CDFIs nationwide, the largest depository institution type. CDFI credit unions serve more than 19 million members at more than 2,800 branches.
In addition to full appropriations for the CDFI Fund, the letter calls for:
- $4 million for NCUA’s Community Development Revolving Loan Fund (CDRLF), which is administered through the NCUA and provides grants to credit unions serving low-income communities. The committee proposed $3.4 million for FY27, the same as in FY26
- Maintaining full funding levels for the Small Business Administration’s 7(a) program, which provides member business lending relief through government guarantees of up to 85% the amount of small business loans
Another America’s Credit Unions-supported provision in the draft bill would prohibit the Federal Reserve from establishing a Central Bank Digital Currency (CBDC), as “net costs of a CBDC will exceed the benefits, and that administration of a CBDC will distract from the Federal Reserve’s dual mandate of achieving both stable prices and maximum sustainable employment.”
The markup is scheduled to begin at 8 a.m. ET Friday, with a full committee markup scheduled for Tuesday.
In addition to FY27 appropriations efforts, America’s Credit Unions remains engaged with the committee and Treasury to release the full amount of appropriated FY25 and FY26 CDFI funds.