Adequate Funding for Key UC Programs Essential for FY21 | 2020-11-18

CUNA wrote to the Senate Appropriations Committee on Wednesday in support of several priorities of credit unions in committee-published Appropriation Act for the 2021 fiscal year.

“Credit unions are interested in several of the programs and the language of reporting included in these bills and as we continue to endure the COVID-19 pandemic and subsequent economic crisis, adequate funding for the programs keys is essential, ”wrote CUNA CEO Jim Nussle.

The CUNA letter asks:

  • $ 273.5 million for the Treasury’s Community Development Financial Institutions (CDFI) Fund and $ 2 million for the NCUA’s Revolving Community Development Loan Fund (CDRLF). These amounts are present in the appropriation law adopted by the house On July 31, the legislation passed by the Senate contained $ 262 million for the CDFI Fund and nothing for the CDRLF;
  • $ 20 million for the United States Agency for International Development’s Co-operative Development Program (CDP). The Senate Appropriation Committee legislation contains $ 20 million in CDP funding;
  • The addition of a report on the appropriation legislation adopted by the House which:
    • Request the Cybersecurity and Infrastructure Security Agency (CISA) to conduct a risk assessment on vulnerabilities in US payment systems and release an unclassified version; and
    • Prohibit that the funding be used to penalize a financial institution that provides services to hemp-related businesses.

CUNA also expressed concerns over the language of a House Appropriation Bill encouraging the U.S. Postal Service to implement postal banking pilot programs.

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