August 30, 2022

Issue brief breaking down CDFI advocacy efforts, priorities published by NAFCU

ColumnNAFCU Monday released a new issue brief detailing the essential work of community development financial institutions (CDFIs) and informing readers of NAFCU’s advocacy efforts underway to support CDFIs. In addition, the brief provides a summary of NAFCU’s legislative and regulatory priorities on CDFI issues.

The brief explains that CDFIs are mission-focused financial institutions that provide services to underserved communities while also helping to grow local economies by providing affordable housing and supporting small, minority-owned businesses.

In addition, the brief notes there are nearly 500 CDFI credit unions today, an increase of more than 50 percent over the last two years, and credit unions currently make up one-third of all CDFIs. CDFI credit unions collectively serve nearly 17 million predominantly low-income consumers and communities of color and have combined assets of over $230 billion.

Read the full issue brief. NAFCU will continue to highlight the importance of credit union CDFIs and advocate on behalf of them on the Hill and with regulators.