CDFI funds awarded to Arizona credit union.
Vantage West Credit Union, the largest credit union in southern Arizona, recently was awarded $950,000 from the Community Development Financial Institutions fund—a grant it will use to expand services to underserved people and businesses.
Credit union officials said that of the total, they will use $250,000 to directly focus on persistent poverty communities in southern Arizona.
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Vantage West, located in Tucson, has more than $1.9 billion in assets. The credit union received its CDFI certification in June.
The Treasury Department distributed some $34.5 million to 48 credit unions earlier this year.
The assistance comes as Congress has not resolved funding for the program this fiscal year. The House and Senate have not agreed upon funding for financial services programs; the Senate called for $250 million for the CDFI program, the same amount it received in FY18.
The House has proposed $34 million less than that.
The Trump Administration has called for elimination of the CDFI program.
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