Momentum Grows For CDFI Bid

WASHINGTON - (05/09/05) -- Supporters of the CommunityDevelopment Financial Institutions program said last week they haveattracted support from a majority of the Senate to continue fundingfor the credit union-centric program for which the BushAdministration has proposed eliminating funding. The NationalFederation of CDCUs said Friday a bipartisan list of 51 senatorshas signed on to a letter urging retention of funding for theprogram, which has provided more than $50 million to dozens oflow-income credit unions and supporting organizations over the pastdecade. The Bush Administration has proposed moving the CDFIprogram from the Treasury Department and combining it with avariety of other programs under the Department of Commerce.Supporters of CDFI assert this means that funding for the programwill likely be eliminated in the future.