House panel OKs CDRLF, CDFI funding

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House Appropriations Subcommittee on Financial Services and General Government Chair Ander Crenshaw, R-Fla.

June 26,2014 – The full House Appropriations Committee approved by a vote of 28-21 a fiscal 2015 spending budget that includes funding for the Treasury Community Development Financial Institutions Fund and the NCUA Community Development Revolving Loan Fund.

The measure would provide $1.07 million in CDRLF funding for technical assistance grants for low-income credit unions, and requests $230 million for the CDFI Fund. All federally insured credit unions with NCUA’s low-income designation are eligible to apply to both the CDFI Fund and the CDRLF for assistance.
 
During the mark-up, Rep. Marcy Kaptur, D-Ohio, spoke about the importance of the CDRLF, and noted that credit unions play an important role in serving an increasing number of under-banked Americans. She also mentioned her support for the U.S. Postal Service providing banking in rural areas.
 
Rep. Kevin Yoder, R-Kan., attached an amendment that would add language to amend Section 716 of the Dodd-Frank Act, which deals with derivatives.

The bill also provides funding for the Judiciary, the Treasury Department, the Small Business Administration and the Securities and Exchange Commission, among other agencies.

The requested budget for the agencies totals $21.3 billion, which is $566 million below the FY 2014 enacted level and $2.3 billion below President Obama’s request for those programs. The bill would also prevent the IRS from implementing so-called ObamaCare, or the Affordable Care Act.

Earlier this week, the Senate Appropriations Subcommittee on Financial Services and General Government reported out companion legislation favorably by a voice vote. The Senate bill requests $230 million for the CDFI.

Related Links:
"CDRLF, CDFI funding in mark-up today," 6/25/14