Full CDFI Fund, CDRLF, EIDL funding will help credit unions serve communities
As the House Appropriations Committee meets today to mark up its FY26 Financial Services and General Government Bill, America’s Credit Unions called on the committee to address several credit union priorities in the bill.
Funding recommendations for the bill include:
- Funding the Treasury’s Community Development Financial Institution (CDFI) Fund at $324 million (the same as FY25). The fund awards grants to assist affordable housing, homeownership, small business growth and more through certified CDFIs. The bill currently appropriates $276.6 million for FY26;
- Funding NCUA’s Community Development Revolving Loan Fund at $4 million (the same as FY25). The CDRLF funds technical assistance grants for credit unions. The bill currently contains $3.4 million for FY26; and
- Full funding for the Small Business Administration’s (SBA) Economic Injury Disaster Loan program.
The bill also contains America’s Credit Unions-supported language to prohibit the SBA from establishing a direct lending program and prohibit the Federal Reserve from issuing a central bank digital currency (CBDC).
Senate Banking Committee Chair Tim Scott, R-S.C., introduced a bill in July to prevent the SBA from becoming a direct lender, while House Majority Whip Tom Emmer, R-Minn., introduced an anti-CBDC bill that passed the House in July.
