DAYTON — Credit unions across the state, including in the Miami Valley, are raising concerns about federal funding cuts.
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“There will be an impact. No doubt,” Emily Leite, Chief Advocacy Officer for the Ohio Credit Union League, said.
The Ohio Credit Union League brought together credit unions from across the state on Friday to talk about the impact of community development financial institutions.
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Since 1994, Congress has allocated this money to credit unions across the country.
“You have to be certified by the US Treasury to be able to qualify to help these individual markets, communities, and people and small businesses,” Leite said.
Day Air Credit Union and My USA Credit Union are two of the 20 credit unions in the state. From housing to financial education, and even help with trade school, these funds help credit unions create programs to target those who need it most.
“We are reaching out to the underserved people in the Dayton community and being able to extend lending to them that, traditionally, financial institutions are not able to,” Joe Eckley, of Day Air Credit Union, said.
Day Air Credit Union said they use the funds for citywide development to support small businesses, help get people past barriers to home ownership, and work with the Artemis Center to help victims of domestic violence build credit.
“They don’t have a financial background, and they would not be extended credit opportunities where they could then, you know, build the financial credit to start a life,” Eckley said.
Right now, the White House is proposing a $204 million cut. Credit unions said that, with a cut that large, these programs are all in jeopardy.
“We are always going to work as hard as we can, you know, to provide, be a real financial partner for people in the Miami Valley, and provide flexible solutions, but those flexible solutions are going to look a little bit different, and they’re not going to make near the impact that they’re making right now,” Eckley said.
Their goal is to keep funding levels the same so they can continue providing resources to those who need them.
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