June 18, 2014

House subcommittee clears CDRLF, CDFI funding

June 19, 2014 - The House Appropriations Subcommittee on Financial Services and General Government yesterday passed 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 bill, cleared by a voice vote, 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.

The bill would provide $1.07 million in CDRLF funding for technical assistance grants for low-income credit unions. 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 will now proceed to the full House Appropriations Committee.