WASHINGTON—Financial institutions will receive full funding for the Treasury's Community Development Financial Institutions (CDFI) Fund, which is used for grants and awards to foster growth, achieve sustainability and revitalize communities.
The Senate Appropriations subcommittee on financial services and general government (FSGG) passed its fiscal year 2019 bill Tuesday.
The subcommittee this week will also address funds for NCUA’s Community Development Revolving Loan Fund.
Both credit union trade groups have been pushing Congress to ensure funding is provided to the CDFI and CDRLF, which the Trump Administration has targeted for cuts on several occasions.
“We thank the Senate financial services and general government subcommittee for moving their legislation along with full funding for the Treasury’s CDFI Fund,” said CUNA President/CEO Jim Nussle. “Certified CDFIs, including credit unions, are able to turn the awards and grants from the fund to leverage significant amounts of private and non-federal dollars in support of vital community investments. CUNA will continue our advocacy to ensure these important funds remain available."
The House Appropriations Committee approved $216 million for the CDFI Fund last week and the Senate Appropriations Committee is expected to markup the FSGG bill on Thursday.