July 13, 2023

NAFCU reiterates priorities ahead of Senate approps FSGG markup

US Capitol buildingThe Senate Appropriations Committee today is set to markup its version of the fiscal year 2024 Financial Services and General Government (FSGG) appropriations bill. Ahead of the markup, NAFCU Vice President of Legislative Affairs Brad Thaler called on the committee to provide full funding for the Community Development Financial Institutions (CDFI) Fund and the Community Development Revolving Loan Fund (CDRLF), as well as the Financial Crimes Enforcement Network (FinCEN).

Thaler noted NAFCU’s disappointment with the House Subcommittee version of the FSGG bill, which included $278 million for the CDFI Fund and $3.5 million for the CDRLF, and urged senators to at least meet President Joe Biden’s proposed levels for these programs used by credit unions. The full House Appropriations Committee also is scheduled to meet today to consider that version of the FSGG package; Thaler weighed in with the House Appropriations Committee last month.

“This would provide the basic resources needed to keep these important programs properly functioning,” Thaler wrote the senators. “These programs have proven to be an invaluable means of providing financial services to underserved areas.”

As part of both efforts, Thaler reiterated credit unions’ concerns related to the CDFI Fund’s delay to its certification application as the fund works to revise the application and process – revisions that could make it more difficult for small and minority depository institution (MDI) credit unions to become certified – and the potential loss of certification status without the opportunity to requalify. Thaler asked the committee to consider adding provisions to increase CDFI transparency.

NAFCU will continue to monitor the appropriations process and advocate for credit union priorities.