Low-income housing. Source: Shutterstock.

On June 3, the House Financial Services Committee held its first ever virtual meeting, and we’re so excited that the topic of this historic event was Community Development Financial Institutions (CDFI) and Minority Depository Institutions (MDI)! This is an issue that could not wait for Congress to return to Washington and your credit union cannot afford to wait either.

CUNA, NAFCU, the Opportunity Finance Network and others are lobbying hard for Congress to add an additional round of funding for Treasury’s CDFI Fund, which provides financial and technical assistance grants to financial institutions that intentionally serve the hard working yet financially vulnerable citizens of our country. While the HEROES Act is dead, whispers are going around Capitol Hill that another round of funding will happen in 2020. It will likely be closer to the $251 million already dedicated to the Treasury’s CDFI Fund this year, so there’s still opportunity for additional emergency funding once the details work through Washington’s mysterious machinations. That means more grants to help more consumers, especially during these times of dire need.

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