WASHINGTON—A dozen senators led by Senator Brian Schatz (D-HI) have introduced legislation in the Senate Banking, Housing and Urban Affairs Committee that would create a new $2-billion emergency fund for community development financial institutions (CDFIs).
"NAFCU appreciates Congress’s continued support for CDFIs, including the more than 400 CDFI-designated credit unions that serve nearly 17 million predominantly low-income consumers and communities of color," wrote NAFCU Vice President of Legislative Affairs Brad Thaler. "CDFIs have close relationships to the communities they serve and want to utilize their knowledge of specific local needs to improve disaster response and further encourage economic growth. S. 4165 would allow these institutions to provide extra support to their communities in the wake of natural disasters and economic disruptions when the need for assistance is most acute.
"We urge the Committee to act on, and advance, this legislation in a timely manner," Thaler concluded.
The bill is cosponsored by Senators Tammy Baldwin (D-WI), Chris Van Hollen (D-MD), Kirsten Gillibrand (D-NY), Ron Wyden (D-OR), Elizabeth Warren (D-MA), Dianne Feinstein (D-CA), Richard Blumenthal (D-CT), Bernie Sanders (I-VT), Martin Heinrich (D-NM), Jeff Merkley (D-OR) and Mark Warner (D-VA).
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