CUNA letter in opposition to CMF cuts

WASHINGTON, DC (May 10, 2018) — This week the administration requested congressional appropriators rescind $151 million in budget authority for the Capital Magnet Fund (CMF), including a House appropriations bill that would rescind $141.7 from the CMF. Credit Union National Association (CUNA) sent this letter to House and Senate appropriations leaders opposing any rescissions from the fund. The CMF provides grants to Community Development Financial Institution (CDFI) credit unions to finance affordable housing.

“CUNA opposes this rescission from funds that have already been authorized, particularly funds that credit unions are able to leverage for much-needed affordable housing solutions in the communities they serve,” wrote CUNA President/CEO Jim Nussle. “Congress has repeatedly protected the CDFI Fund from proposed cuts and elimination…Fully funding the CMF and the CDFI Fund is an important investment by the federal government.

Congress passed the fiscal year 2018 omnibus bill in March and CUNA successfully advocated for increased CDFI funding after early proposed eliminated funding completely. The Treasury’s CDFI Fund administers the CMF.

About CUNA

Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit To find your nearest credit union, visit


CUNA Communications


More News