The $17.15 million awarded to nine credit unions is only the first part of this year's total awards from the U.S. Treasury Department's Community Development Financial Institutions Fund.
The awards announced June 29 represented CDFI funding from the economic stimulus package Congress passed earlier this year. Another round of grants, drawing from the CDFI Fund's regular appropriation this year, will be announced in the fall worth roughly $50 million.
Even though the National Federation of Community Development Credit Unions was not among the award recipients in the most recent round, CEO Cliff Rosenthal expressed overall satisfaction with them.
Recommended For You
"We are delighted with the strong showing our member CDCUs made in this awards round," said Rosenthal. "They are some of our most dynamic, innovative institutions, and we know they will continue to make a huge difference for the low-income communities they serve."
The nine CDCU winners represent 30% of the 30 credit unions that applied to the CDFI Fund in the current round. The $17.15 million they received amounted to 40% of the total dollars requested by credit unions. "We would always like to see a larger credit union share, of course," said Rosenthal, "but these percentages are a marked improvement over recent CDCU performance in previous award rounds. Given the stress on the credit union industry, the CDFI Fund's investments could not come at a better time."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
