December 20, 2018

Congress reaches deal on short-term funding bill

Capitol DomeThe Senate Wednesday night passed by voice vote a short-term funding bill that would extend current funding for some agencies and the National Flood Insurance Program (NFIP) through Feb. 8. President Donald Trump indicated earlier this week that he would support a bipartisan spending deal to avert a partial government shutdown; funding is currently set to expire at midnight Friday.

The House is expected to act on the legislation as early as today to send it to the president ahead of tomorrow's deadline.

NAFCU has heavily advocated for full funding for the NCUA's Community Development Revolving Loan Fund (CDRLF) and Treasury's Community Development Financial Institutions (CDFI) Fund, as part of the financial services and general government (FSGG) appropriations measure. The association has also supported full funding for the Small Business Administration's (SBA) 7(a) and 504 loan programs, which are used by credit unions.

NAFCU has also urged congressional leaders to act on legislation to extend funding for the NFIP along with a number of improvements to the program, including increases in coverage limits, capping premiums and rates, updating federal flood mapping procedures and allowing private policies to fulfill the federal flood insurance mandate.

While much of the government would remain open should the short-term bill not be enacted by midnight Friday, the departments of Treasury, Housing and Urban Development, Justice, Transportation, Interior, Homeland Security and State, among others, would be forced to shut down.

NAFCU will keep credit unions updated.