Nussle responds to banker attacks and reiterates support for CDFI Fund from America's Credit Union

Jim Nussle

​As Congress considers potential amendments to the National Defense Authorization Act (NDAA), including some that would enhance the CDFI Fund, America's Credit Unions is supportive of efforts to strengthen credit unions' ability to serve their communities. As you likely saw in a new LTE in American Banker and BadCredit today, Jim Nussle reiterated the industry's position on this issue and our association's longstanding and unwavering support for the CDFI Fund.
 
Below, please find a statement from Jim stressing the need to support legislation that will continue the success of the CDFI Fund and allow credit unions to better serve their members:
 
"It's clear that credit unions are a critical partner in the success of the CDFI Fund. Throughout the country, credit unions bolster the economic success and vibrancy of local communities. We must continue to invest in these types of programs and ensure funds are appropriately allocated to make the biggest impact possible. We will continue to support legislation that allows credit unions to better serve their members, whether as standalone bills or amendments to legislative vehicles that align our priorities with those of Congress and the Administration," Nussle said.
 
Here are some highlights from Jim's Letter-to-the-Editor, in response to a recent op-ed published in American Banker claiming that CDFI credit unions have an unfair advantage:
 
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"The CDFI Fund was created to serve people and communities often left behind by traditional financial institutions—and credit unions were explicitly included in the law and regulations implementing the program. The reason is simple: credit unions are mission-driven financial cooperatives, not profit-maximizing institutions. It only makes sense that their impact through the CDFI Fund would be strong."
 
"The numbers tell the story. For every $1 of CDFI funding, credit unions deliver a $12 return on investment. Nearly 500 credit unions are certified CDFIs, serving neighborhoods where banks have shuttered more than 20,000 branches over the past decade. During that same period, credit unions opened over 500 new branches—often the only local access point for affordable financial services in rural towns and underserved urban areas."
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"As lawmakers face calls for a so-called 'level playing field,' they should see those arguments for what they are: deliberate misdirection and chronic misinformation. Credit unions are doing exactly what the CDFI Fund was designed to do—create economic opportunity, deliver strong returns, and empower communities. Congress should maintain its clear, consistent support for credit unions and their continued access to the CDFI Fund. The results speak for themselves—and so do the communities thriving because of it."

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