U.S. House Appropriators Move to Increase CDFI Funding, Maintain CDRLF Funding in 2020
The U.S. House Appropriations Committee has approved a Fiscal Year (FY) 2020 Financial Services and General Government Appropriations Bill (H.R. 3351) that increases funding for the Community Development Financial Institutions (CDFI) Fund to $300 million. This represents a $50 million increase from FY19 and would fund the Community Development Revolving Loan Fund (CDRLF) at $2 million — the same level provided in FY19.
Each year, the Michigan Credit Union League (MCUL) and Credit Union National Association work with Congress to ensure they understand the importance of these two programs for credit unions, credit union members and the communities they serve, and to request that both programs receive proper funding.
MCUL is pleased to see House appropriators respond by increasing funding for CDFI while maintaining funding for CDRLF. The bill will now go to the full House for consideration.
MCUL and CUNA will continue to advocate that Congress maintain these funding levels until a final bill is approved through both chambers and signed by the President.