WASHINGTON—The Senate Appropriations,, Financial Services and General Government Subcommittee has passed its fiscal year 2020 bill, including $251 million for Treasury’s Community Development Financial Institutions (CDFI) Fund. That’s a $1 million increase over funding in the budget for the current fiscal year.
The CDFI Fund has been a consistent target of the Trump Administration, which has eliminated funding in each of its budget proposals only to have Congress add it back each year.
The fund makes capital grants, equity investments and awards for technical assistance to certified CDFIs. As of June 14, credit unions make up 274 of 1,061 certified CDFIs nationwide, said CUNA, which has advocated for funding to the CDFI Fund to be restored and maintained.
The full Senate Appropriations Committee is expected to mark up the bill starting Thursday.
The House-passed FSGG bill includes $300 million for the CDFI Fund in its budget for fiscal year 2020.