The House is expected to vote this week on the Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2020 (H.R. 3351), a bill that contains CUNA-supported levels for several credit union funds.
H.R. 3351 contains a $50 million increase to the Treasury’s Community Development Financial Institutions (CDFI) Fund, set at $300 million for fiscal year 2020. The fund makes capital grants, equity investments and awards for technical assistance to certified CDFIs.
“CDFIs are required to provide a 1:1 match for most of the awarded funds, which are offered on a competitive basis. CDFIs finance community development initiatives such as small businesses, community facilities, and low-income housing,” wrote CUNA President/Jim Nussle in a letter supporting H.R. 3351.
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