June 23, 2020
The Honorable Mike Quigley, Chairman The Honorable Steve Womack, Chairman
House Committee on Appropriations House Committee on Appropriations
Subcommittee on FSGG Subcommittee on FSGG
2000 Rayburn House Office Building 2000 Rayburn House Office Building
Gentlemen:
CU Strategic Planning is the small business consultancy that credit union’s turn to advise them and has written more than $250 million dollars in CDFI award-winning grants for credit unions, more than anyone else in the CDFI industry.
We recommend the Congress needs to fund the CDFI Fund to a level of at least $330 million for FY 2022 to help CDFI credit unions continue to lend during these times economic rebuilding following the pandemic. We also request $4 million be appropriated for the National Credit Union Administration’s Community Development Revolving Loan Fund.
We anticipate the economic fallout of unemployment, evictions, and struggle to continue into 2022 for working families and that these funds will help credit unions lending for small dollar consumer loans, new and used auto loans, small business loans beyond what are backed by the SBA, loans for first month’s and last month’s rent as well as first time homebuyers and new home loans.
CU Strategic Planning has written more than $250 million dollars in winning grants for CDFI credit unions to implement all over the nation, and has the ability to help CDFI credit unions get immediate help for low to moderate working families in the form of small consumer loans, auto loans, home mortgages and micro and small business loans.
The Community Development Revolving Loan Fund (CDRLF), administered by the National Credit Union Administration, has been a reliable and well-managed program providing direct benefits for credit unions, especially those that serve consumers in disadvantaged communities, since 1979. Credit unions use the funding available, whether in the form of grants or loans, to provide direct assistance to credit unions, and we strongly encourage Congress to support this investment in America’s consumers.
CU Strategic Planning stands ready to help hundreds of credit unions restore consumer confidence, create and recreate lost jobs and get the economy moving again with two small yet vital programs. I encourage you to contact me directly if you have any questions or suggestions at 202.802.0036 or mike@creditunionstrategicplanning.com.
Respectfully,
Michael V. Beall, Esq.
Chief Strategic and Advocacy Officer
CU Strategic Planning