NEW YORK — The National Federation of Community Development Credit Unions is hearing an unprecedented level of complaint and concern from its members about the most recent round of grants from the U.S. Treasury Department’s Community Development Financial Institutions Fund.

According to federation CEO Clifford Rosenthal, a number of qualified CDCUs made what they believed to be strongly competitive applications, only to have them fail to win any awards. Credit unions and credit union organizations, including the federation, shared roughly $4.7 million of the CDFI Fund’s roughly $54 million from this round of grants. According to the federation’s figures, credit unions saw 15% of their applications succeed in winning 9.6% of the total CDFI grant pie this year, which Rosenthal said is down from last year.

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