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NAFCU lauds house, Senate passage of Community Development Funding for credit unions

WASHINGTON, DC (May 4, 2017) — The National Association of Federally-Insured Credit Unions (NAFCU) today thanked lawmakers in the House and Senate upon final passage of a federal spending package providing NAFCU-sought funding for the Treasury Community Development Financial Institutions Fund and National Credit Union Administration Community Development Revolving Loan Fund.

“NAFCU strongly supports the Community Development Financial Institutions Fund and Community Development Revolving Loan Fund, both of which deliver much-needed resources for low-income-designated and CDFI-certified credit unions seeking to strengthen their operations and service to members,” said NAFCU President and CEO Dan Berger. “We thank the leaders of the House and Senate for their action on this measure and look forward to its enactment.”

CDFI-certified credit unions represent 27 percent of the total number of certified institutions and hold more than 50 percent of total CDFI assets.

The federal spending package was approved by the full House Wednesday and by the Senate today. It contains a total of $1.1 trillion in funding for federal government operations through Sept. 30. Of that amount, $258 million is for the CDFI Fund, and $2 million is for the Community Development Revolving Loan Fund. Friday is the deadline for enactment of this spending package to prevent a federal government shutdown.


About NAFCU

The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.

Contacts

Molly Safreed, msafreed@nafcu.org (NAFCU)

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