WASHINGTON—CUNA is urging the Senate Appropriations Subcommittee on Financial Services and General Government’s (FSGG) to boost funding in its FY24 bill for “critical programs that serve underserved communities.
The subcommittee is currently considering the bill.
“We urge the Subcommittee to increase funding in certain key areas. First, we continue to recommend that the Community Development Financial Institutions (CDFI) Fund receive an appropriation of $500 million in Fiscal Year 2024,” CUNA said in a letter. “In addition, we request that the Community Development Revolving Loan Fund (CDRLF) funding be increased to $6 million. Finally, CUNA requests more funding for the Financial Crimes Enforcement Network (FinCEN) within the U.S. Department of the Treasury.”
The CDFI Fund makes capital grants, equity investments and awards for technical assistance to CDFIs for community development initiatives such as small businesses, community facilities, and low-income housing.
CUs Largest Type of Institution
Credit unions represent 518 of 1,470 certified CDFIs as of June 15, the largest type of depository institution, according to CUNA.
“FinCEN plays a critical role in combatting money laundering and other illicit uses of the financial system that fuel international terrorism, cybercrime, corruption, human rights abuses, and the illegal trafficking of persons, drugs, weapons, wildlife, and more,” the letter reads “Crucially, FinCEN is also a key player in detecting any attempts to evade sanctions or US-imposed import restrictions related to the Russian Federation."
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