Committee passes bill w/ $300M for CDFI Fund, $2M for CDRLF

CUNA supported appropriations levels for two credit union-related funds in the Financial Services and General Government (FSGG) Act for Fiscal Year 2020 in a letter to House Appropriations Committee leadership Tuesday. The committee passed the bill Tuesday.

The legislation allocates $300 million for the Treasury’s Community Development Financial Institution (CDFI) Fund, a $50 million increase over last year. The fund makes capital grants, equity investments and awards for technical assistants to certified CDFIs.

As of May 1, there are 291 credit unions out of 1,083 certified CDFIs nationwide.

CUNA also supported $2 million in funding for NCUA’s Community Development Revolving Loan Fund (CDRLF). The CDRLF funds a revolving loan program and a technical assistance to help credit unions serving low-income communities:

 

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