Senate votes down CUNA-opposed rescissions bill

CUNA wrote to Senate leadership this week in opposition to a bill that would rescind $141 million from the Treasury’s Community Development Financial Institutions (CDFI) Fund. The Senate voted down the legislation Wednesday afternoon by a 48 to 50 vote. The $141 million would come from the CDFI Fund’s Capital Magnet Fund (CMF), which awards grants to […]

CUNA wrote to Senate leadership this week in opposition to a bill that would rescind $141 million from the Treasury’s Community Development Financial Institutions (CDFI) Fund. The Senate voted down the legislation Wednesday afternoon by a 48 to 50 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 fought to secure the $250 million for the CDFI Fund in the FY2018 appropriations legislation

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

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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