WASHINGTON–Representatives of Inclusiv were on hand at the White House for a celebration of the passage of the Inflation Reduction Act (IRA).
Inclusiv noted it and numerous credit union leaders had fought for the passage of the legislation, which includes funding for green initiatives that Inclusiv has said could boost lending among CDCUs and minority deposit institutions (MDIs).
Inclusiv said it looks forward to working with the Biden Administration to ensure the IRA’s investments in climate finance not only reach but prioritize the people and communities most affected by the climate crisis, which are often the same people and communities who have been shut out of the mainstream financial system by redlining and other discriminatory practices.
‘Key Opportunity’
“The Inflation Reduction Act and its $27 billion investment in green lending through the Greenhouse Gas Reduction Fund are a key opportunity for Community Development Credit Unions and Minority Depository Institutions (MDIs) to access flexible capital to drive green lending, reduce energy cost burdens and help communities to prepare for climate events,” said Cathie Mahon, president/CEO of Inclusiv. “Community Development Credit Unions offer green lending products designed that meet the needs of low- and moderate-income and BIPOC communities because they are designed by and with their members. The IRA provides an ideal opportunity to drive climate solutions that meet environmental and energy justice goals. Community Development Credit Unions are the means to channel the capital where it’s needed and to solutions with the greatest impact on climate, financial security and wealth building in redlined communities.”
Training Program
Inclusiv said its Center for Resiliency and Clean Energy trains community-based lenders across the country on green lending, building capacity and infrastructure to meet the energy efficiency, resiliency and other climate finance needs of communities hardest hit by climate change. More than 350 CDFI, credit union and MDI lenders already offer green lending products and have originated more than $2.68 billion in green loans in recent years, according to the organization.
Five CU-Backed Candidates Win Primaries
Separately, fivecandidates who had financial backing from the Credit Union Legislative Action Council (CULAC), CUNA’s PAC, won their primary races this week in Delaware, New Hampshire and Rhode Island, respectively.
Candidates supported by CULAC and the Cooperative Credit Union Association included:
- In Delaware, Democrat Rep. Lisa Blunt Rochester won her primary for the At-large District
- In New Hampshire, Sen. Maggie Hassan won the Democratic nomination for the U.S. Senate seat for New Hampshire. Democrat Rep. Chris Pappas won in the 1st District and Democrat Rep. Ann McLane Kuster won in the 2nd District
- In Rhode Island, Seth Magaziner, D-02, won the Democratic nomination for the open seat vacated by Congressman Jim Langevin. Magaziner, the current general treasurer of Rhode Island, championed depositing public funds in credit unions
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