WASHINGTON—Legislation to increase affordable lending in minority communities is being backed by America’s Credit Unions, ACU reported.
House Financial Services Ranking Member Maxine Waters (D-CA) introduced H.R. 9767, which would authorize $4 billion in additional capital to Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs).
“The Promoting and Advancing Communities of Color Through Inclusive Lending Act, which you reintroduced in commemoration of the 30th anniversary of the creation of the CDFI Fund, would help achieve that goal by providing significant support to MDIs and CDFIs by authorizing $4 billion in additional capital, grants, technological support, and other reforms,” wrote ACU President/CEO Jim Nussle in a letter to Waters.
Nussle also noted credit unions’ support for increased CDFI Fund transparency, including the CDFI Fund Transparency Act, which passed the House Financial Services Committee in May.