December 20, 2022

Letter to Treasury offers recommendations regarding community investment programs

TreasuryNAFCU Senior Regulatory Affairs Counsel Aminah Moore wrote to the Treasury Department in response to the Interagency Community Reinvestment Committee’s (ICIC) request for information regarding opportunities and challenges in federal community investment programs. In the letter, Moore offered recommendations “to provide greater access to these community investment programs.”

The Biden-Harris Administration created the ICIC to prioritize federal programs that “facilitate the flow of capital and the provision of financial resources into historically underserved communities.” The committee consists of five federal agencies, including the Treasury, Small Business Administration, and Department of Commerce.

The letter recommended a more streamlined and simplified application for certifications and grants to increase participation. Moore noted that “NAFCU also recommends that the agencies report on philanthropic efforts by the private sector, collaborate with other federal agencies, and publicly report on the philanthropic efforts of private entities.”

Additionally, the letter requested that the agencies support credit unions’ effort to collect funds through the Greenhouse Gas Reduction (GHGR) Fund to assist projects that reduce air pollution and greenhouse gas emissions in disadvantaged communities. NAFCU previously wrote to the Environmental Protection Agency requesting they allow credit unions to participate in the GHGR Fund.

Moore concluded by requesting that “the agencies coordinate and communicate with all stakeholders including other federal agencies, private philanthropic investors, and underserved communities, in order to provide greater access to these community investment programs.”