CUNA backs bill to establish $2B CDFI Crisis Fund

first_img continue reading » Sen. Brian Schatz (D-Hawaii) introduced a bill Tuesday that would create a $2 billion Community Development Institutions (CDFI) crisis fund to help with pandemic recovery. CUNA President/CEO Jim Nussle expressed support for the bill, which is co-sponsored by Sens. Tammy Baldwin (D-Wis.), Chris Van Hollen (D-Md.), Kirsten Gillibrand (D-N.Y.), Ron Wyden (D-Ore.), Elizabeth Warren (D-Mass.), Dianne Feinstein (D-Calif.), Richard Blumenthal (D-Conn.), Bernie Sanders (I-Vt.), and Martin Heinrich (D-N.M.).“The pandemic and ensuing economic crisis has had a disproportionate impact on vulnerable communities and the policy response needs to recognize that more needs to be done to help these communities recover,” Nussle said. “Sen. Schatz’s legislation to create a CDFI Crisis Fund will ensure that CDFI credit unions can get much needed resources to our most vulnerable communities, reducing the pain experienced as the result of any number of disasters.”Nussle wrote a letter of support for the bill Tuesday.The bill’s $2 billion CDFI Crisis Fund would serve as a complement to the Treasury’s CDFI Fund. It would be refilled as funds are deployed each year, and can be activated nationally or state-wide through two automatic triggers: ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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