September 27, 2019

Senate passes bill to fund gov't until Nov. 21

Capitol DomeThe Senate Thursday passed a short-term funding bill that would fund the government through Nov. 21. The House passed the continuing resolution last week; while the president previously indicated he would sign the bill, NAFCU's advocacy team is monitoring closely for any potential changes.

An extension must be enacted before Sept. 30 in order to avert a federal government shutdown.

Included in the bill is a NAFCU-sought appropriation for the Small Business Administration (SBA) that would avert a potential shutdown of the 7(a) program and eliminate the need to raise fees. NAFCU witness Gail Jansen raised concerns about the increased fees during congressional testimony earlier this year.

Authorization for the National Flood Insurance Program (NFIP) – which was set to expire Monday – is also extended until Nov. 21 through the bill. NAFCU has pushed for a number of improvements to the NFIP, including longer-term reauthorization of the program to prevent lapses.

Relatedly, the Senate Appropriations Committee continues to work on longer-term funding bills and last week advanced the 2020 financial services and general government (FSGG) bill with funding for credit union programs, including $251 million for the Community Development Financial Institutions (CDFI) Fund. NAFCU urged the Senate to consider funding the program at the House-approved level of $300 million.

NAFCU also urged the Senate Appropriations Committee to support NCUA's Community Development Revolving Loan Fund at the same level as the House, but the Senate FSGG bill did not address funding the program.

NAFCU will keep credit unions updated on government funding discussions.