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News Now

Washington
Cheney urges Congress to continue CDFI funding
WASHINGTON (5/10/11)--Credit Union National Association President/CEO Bill Cheney has urged House Appropriations Committee leadership to enact the Community Development Financial Institutions (CDFI) Fund’s full $227 million funding level, as proposed in the Obama administration’s fiscal 2012 budget. The request was made in a letter to Rep. JoAnn Emerson (R-Mo.), who heads the House Appropriations subcommittee on financial services, the subcommittee’s ranking member. Rep. Jose Serrano (D-N.Y.) Cheney in the letter called on the legislators to help ensure that the CDFI Fund “is appropriately funded so that it may continue to help credit unions provide financial services to distressed communities.” A continuing resolution that was approved last month would provide the CDFI Fund with $227 million in funds, a $23 million cut from the amount proposed for fiscal 2011. The administration sought $250 million in CDFI funding for FY 2011. The CDFI Fund helps locally based financial institutions offer small business, consumer and home loans in communities and populations that lack access to affordable credit. According to the Treasury Department in January, credit unions represent 13% of the total applicant pool for the 2011 round of the CDFI Fund program. For the full letter, use the resource link.


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