WASHINGTON—Ahead of a hearing by the Senate Banking subcommittee on how community development financial institutions (CDFIs) support housing and economic opportunity, NAFCU Vice President of Legislative Affairs Brad Thaler told the committee in a letter that “roughly 40% of certified CDFIs are credit unions, serving a large portion of communities who have historically been underserved by mainstream financial institutions.”
In the letter, Thaler identified what NAFCU said are the challenges the CDFI Fund has created after being in a months-long black out period where new applications were not being accepted.
In addition, Thaler provided endorsements to two bills – S. 2674, the CDFI Fund Transparency Act and S. 869, the CDFI Bond Guarantee Program Improvement Act.
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