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Senate Votes Down CDFI Rescission Legislation
Thursday, June 21, 2018 6:45 AM

U.S. Senate leadership on Wednesday voted down legislation that would rescind $141 million from the Treasury's Community Development Financial Institutions (CDFI) Fund by a 50 to 48 vote. 

The $141 million would come from the CDFI Fund’s Capital Magnet Fund (CMF), which awards grants to finance affordable housing solutions and community revitalization efforts to benefit low-income individuals and communities.

CUNA wrote to the Senate expressing its opposition to the rescission.

“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. As you know, the fiscal year 2018 omnibus appropriations legislation passed by Congress in March funded the CDFI program at $250 million, a $2 million increase from the previous fiscal year. Fully funding the CMF and the CDFI Fund is an important investment by the federal government.”

As of April 30, credit unions are 283 of the 1,079 certified CDFIs nationwide.