|
 |
|
|
|
|
|
| Bipartisan Bill to strengthen CDFI Fund Introduced |
|
A bipartisan group of 30 Senators introduced the Access to Fair Financing for Opportunity and Resilient Development (AFFORD) Act with strong support from credit unions Thursday.
The AFFORD Act brings together language from the Community Development Financial Institutions (CDFI) Fund Transparency Act, CDFI Bond Guarantee Program Improvement Act of 2025, and Scaling Community Lenders Act into one bill. Specifically, it would:
• Provide Congress with the ability to gather information and conduct better oversight of the activities and operations of the CDFI Fund within the Treasury;
• Extend and enhance the CDFI Bond Guarantee Program to enable participation by smaller CDFIs; and
• Reauthorize the CDFI liquidity enhancement program to increase CDFI lending capacity and reach more communities.
“The most vulnerable communities across the nation require tailored assistance and support to succeed. Credit unions have long been the financial first responders for these underserved populations, acting as a lifeline for access and opportunities,” said America’s Credit Unions president/CEO Scott Simpson. “The CDFI Fund recognizes this important role and provides the additional capital needed to keep credit unions serving the most vulnerable. We thank Sens. Daines, Warner, and the twenty-eight other Senators for their bipartisan work to introduce legislation that will strengthen the CDFI program and, as a result, the ability for credit unions to serve members who need it most. We call on the Senate to quickly pass this important legislation.”
America’s Credit Unions wrote in support of the bill Thursday.
Sens. Steve Daines, R-Mont., and Mark Warner, D-Va., led the group of Senators as co-sponsors that includes Senate Majority Leader Chuck Schumer, D-N.Y., Senate Finance Committee Chairman Mike Crapo, R-Idaho, and Senate Finance Committee Ranking Member Ron Wyden, D-Ore.
As of Jan. 13, credit unions make up 446 of the 1,383 certified CDFIs nationwide, the largest depository institution type.
Copyright © 2024-2026 America's Credit Unions. (link) |
|
|
|
|
|
|
