Newsroom
May 05, 2017
Trump signs $1.1T spending bill with CDFI funding
President Donald Trump signed a $1.1 trillion spending bill on Friday, funding the government through Sept. 30 and preserving NAFCU-backed funding for the Treasury Community Development Financial Institutions Fund and NCUA Community Development Revolving Loan Fund.
"NAFCU appreciates lawmakers' support for the Community Development Financial Institutions Fund and Community Development Revolving Loan Fund – which deliver important resources to low-income-designated and CDFI-certified credit unions," said NAFCU President and CEO Dan Berger. "We will continue to advocate for funding these initiatives and look forward to working with lawmakers to address these and other credit union issues."
The bill provides $248 million for the CDFI Fund program, with various amounts allocated for grants and technical and financial assistance to CDFIs. It provides $2 million to the CDRLF, which makes the funds available for initiatives such as expanding member services, funding risk-based lending programs, constructing branches in unbanked areas and providing financial education services.
In a letter to House and Senate leaders Monday, NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt wrote in support of the funding for the CDFI and CDRLF programs. She emphasized that CDFI-certified credit unions represent 27 percent of the total number of certified institutions and hold more than 50 percent of total CDFI assets.
Additional funds for national defense and border security, disaster and famine relief, and a permanent extension of health care benefits for certain miners are also provided in the spending package.
"NAFCU appreciates lawmakers' support for the Community Development Financial Institutions Fund and Community Development Revolving Loan Fund – which deliver important resources to low-income-designated and CDFI-certified credit unions," said NAFCU President and CEO Dan Berger. "We will continue to advocate for funding these initiatives and look forward to working with lawmakers to address these and other credit union issues."
The bill provides $248 million for the CDFI Fund program, with various amounts allocated for grants and technical and financial assistance to CDFIs. It provides $2 million to the CDRLF, which makes the funds available for initiatives such as expanding member services, funding risk-based lending programs, constructing branches in unbanked areas and providing financial education services.
In a letter to House and Senate leaders Monday, NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt wrote in support of the funding for the CDFI and CDRLF programs. She emphasized that CDFI-certified credit unions represent 27 percent of the total number of certified institutions and hold more than 50 percent of total CDFI assets.
Additional funds for national defense and border security, disaster and famine relief, and a permanent extension of health care benefits for certain miners are also provided in the spending package.
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