WASHINGTON--The Senate Appropriations Subcommittee on Financial Services and General Government (FSGG) is hearing from Treasury Secretary Scott Bessent on the agency’s FY27 budget request Wednesday. After funding was lowered or zeroed out in the administration’s budget proposal, America’s Credit Unions reiterated calls for full funding of credit union priorities.
ACU's letter to the subcommittee calls on the subcommittee to fund:
- Treasury’s Community Development Financial Institutions (CDFI) Fund at $324 million, the same as FY26. The fund awards grants to help certified CDFIs reach underserved communities
- NCUA’s Community Development Revolving Loan Grant Fund (CDRLF) at $4 million, up from the $3.4 million appropriated in FY26. The CDRLF assists credit unions serving credit unions in low-income communities
It also emphasizes concerns with proposed changes to the General Services Administration’s System for Award Management (SAM). The proposed changes would bring ambiguity for CDFI credit unions, and CDRLF recipients, due to broadly worded prohibitions that lack definitions or defined legal standards.
The House Appropriations Committee is currently marking up its FY27 FSGG bill, America’s Credit Unions called for full CDFI Fund and CDRLF funding amounts in letters to the committee sent prior to the markup.