The U.S. Department of the Treasury has approved approximately $9.8 million in federal funds for 17 credit unions in Puerto Rico through the Community Development Financial Institutions (CDFI) Fund. This funding injection is expected to support these credit unions. The CDFI Fund, a program of the Department of the Treasury, aims to promote economic development in underserved communities by providing financial assistance to community development financial institutions, including credit unions.
The 17 credit unions in Puerto Rico that will receive the funding are expected to utilize these resources to enhance their services and support their members. The allocation of these funds is a significant development for the credit union sector in Puerto Rico, with the potential to positively impact the local economy.