America’s Credit Unions Presses New CDFI Fund Director On Awards, Funding
By CU Today Staff —
WASHINGTON—America’s Credit Unions congratulated newly appointed Community Development Financial Institutions Fund Director Chris Miller while urging him to expedite outstanding awards, protect future funding and reverse the decline in the number of certified credit union CDFIs.
“We look forward to our team working directly with you to ensure credit unions, and the people they serve, can thrive financially,” the letter reads, emphasizing that “each dollar the Fund awards to a credit union generates at least $8 in private investment in the credit union's community.”
America’s Credit Unions requested Miller and the Fund:
The letter also makes several specific recommendations for the Fund to adjust its Target Market methodology to “steps would reduce the cost of maintaining certification without reducing the Fund's ability to verify that a certified CDFI directs its lending to its Target Market.”
Originally reported by CU Today.