Funding Deal: $295 Million for CDFI; Easier Ouster of CU Members
House and Senate appropriators have reached agreement on an FY22 government funding package that would provide a $25 million boost for the Community Development Financial Institution program and make it easier for credit unions to expel members, reports David Baumann of the Washington Credit Union Daily.
Credit Union CEO Asks Congress to Boost CDFI Funding, Simplify Application
David Baumann of the Washington CU Daily reports that Congress should increase funding for the Community Development Financial Institutions program and make it easier for credit unions and banks to become certified, Jeanne Kucey, chief executive officer of the JetStream Federal Credit Union told a Senate Subcommittee.
NCUA to Accept Streamlined Applications for CDFI Certification
Low-income, federally insured credit unions that wish to be certified as Community Development Financial Institutions may apply for the NCUA’s streamlined qualification process between Sept. 12 and Oct. 15, agency officials announced.
Biden Proposes Increase in NCUA’s Community Development Revolving Loan Fund
David Baumann of the Washington CU Daily reports that President Biden’s FY22 Budget proposal includes an increase to the NCUA’s Community Development Revolving Loan Fund program by $500,000 as well as a 22.2% increase for the Community Development Financial Institutions program.
House Financial Services Dems Push for $8.5 Million Boost for Credit Union Community Development Fund
David Baumann of the Washington CU Daily reports that the Democrats on the House Financial Services Committee out-voted the Republicans to pass the Views and Estimates Report, which contained requests to congressional budget writers for an $8.5 million increase for the National Credit Union Administration’s Community Development Revolving Loan Fund in FY22. It also contained strong support for the Consumer Financial Protection Bureau.
NCUA Renewing Streamlined CDFI Application Process
The NCUA will begin accepting applications on Jan. 24 for federally insured, low-income credit unions that want to use the agency’s streamlined qualification process to be certified as Community Development Financial Institutions, reports David Baumann of the Washington CU Daily. The application deadline is April 3.
A Benefit for Credit Unions with a Conscience in Community Development
CreditUnions.com: Carla Decker, the CEO of DC Credit Union, discusses her credit union’s commitment to community and how the COVID-19 crisis has affected her certified CDFI shop.
Community Reinvestment Coalition: Subject Credit Unions to CRA Tests
The National Community Reinvestment Coalition said that if underserved areas of the U.S. are going to be revitalized, non-banks, including credit unions, should be subject to the Community Reinvestment Act, reports David Baumann of the Washington CU Daily.
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