WASHINGTON–Senate Housing, Transportation, and Community Development Subcommittee Chair Sens. Tina Smith (D-MN) and Ranking Member Mike Rounds (R-SD) have introduced the CDFI Bond Guarantee Program Improvement Act.
The legislation, which NAFCU said it is backing, would seek to spur economic development in underserved, economically distressed areas. It would also strengthen community development financial institutions (CDFIs), including the ability of credit unions, to serve these communities, the trade group said.
In a letter to the committee NAFCU said CDFIs “are invaluable resources for the underserved communities where they are located. Congress has long recognized the importance of CDFis and increased funding for both the CDFI Fund and the Community Development Revolving Loan Fund.”
The letter adds that the CDFI Bond Guarantee programs provides a “valuable line of long-term capital to CDFIs through the Federal Financing Bank…”
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