WASHINGTON--The credit union industry is joining together to push back on the White House’s original budget proposal with cuts to eliminate funding for the Treasury’s Community Development Financial Institutions (CDFI) Fund, America's Credit Unions reported.
America’s Credit Unions, Inclusiv, the Defense Credit Union Council and dozens of other credit union organizations sent a letter to House and Senate appropriations leaders to call for a full $324 million appropriation for FY26, the same as the enacted FY25 amount.
“More than 20 million Americans are member-owners of CDFI credit unions and access safe and affordable loans and financial services at more than 3,400 branch locations across the country, where their savings and loan repayments revolve within their communities,” the letter reads. “With rising costs squeezing family budgets, we need more capital not less, going to strengthen local economies, expanding housing and small business opportunities, creating jobs, and building household savings.”