July 24, 2014

Senate committee releases appropriations text

July 25, 2014 – The Senate Appropriations Committee released the full text of its $22.7 billion fiscal year 2015 spending bill on Thursday, which was reported out favorably by a subcommittee in June.

The bill includes $230 million for the Treasury Community Development Financial Institutions Fund and $1.07 million for the NCUA Community Development Revolving Loan 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's next step will be consideration by the full Appropriations Committee.

The bill steers clear of the measure in the House legislation which would prevent the IRS from implementing the Affordable Care Act. The House bill requests the same amount for the CDFI Fund, and was approved by the House Appropriations Committee in June.

The Senate bill would boost funding for agencies implementing the Dodd-Frank regulatory overhaul, but proposes funding for the IRS which is $950 million short of the Obama administration's request, though still a 2 percent increase over fiscal year 2014 enacted levels.

The bill also provides funding for the Judiciary, the Treasury Department, the Small Business Administration and the Securities and Exchange Commission, among other agencies.