Legislation to increase affordable lending in minority communities has America’s Credit Unions’ strong support, wrote President/CEO Jim Nussle. House Financial Services Ranking Member Maxine Waters, D-Calif. introduced H.R. 9767 last week, which would authorize $4 billion in additional capital to Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs).
“The Promoting and Advancing Communities of Color Through Inclusive Lending Act, which you reintroduced in commemoration of the 30th anniversary of the creation of the CDFI Fund, would help achieve that goal by providing significant support to MDIs and CDFIs by authorizing $4 billion in additional capital, grants, technological support, and other reforms,” wrote Nussle.
Nussle also noted credit unions’ support for increased CDFI Fund transparency, including the CDFI Fund Transparency Act, which passed the House Financial Services Committee in May.
America’s Credit Unions strongly supports increased appropriations for the CDFI Fund, which is outlined in the bill, in FY25 and beyond.
