June 24, 2014

CDRLF, CDFI funding in mark-up today

June 24, 2014 – The full House Appropriations Committee will mark up 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.

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.

Yesterday, 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.