The House and Senate will vote on a newly released spending package to fund government operations through Sept. 30, 2017. The bill contains several CUNA-backed provisions, including a large increase in funding for the Treasury’s Community Development Financial Institutions (CDFI) Fund.
The fund received $233.5 million last year and was slated to be completely eliminated this this year by the administration. However, CUNA fought for increased funding. Congressional leaders heard that message and included $248 million for the fund, an increase of $14.5 million.
“CUNA, the leagues, credit unions, and consumers sent a powerful message that these institutions perform vital functions in their communities, and we thank legislators for fully funding them,” said CUNA President/CEO Jim Nussle. “As Congress begins to look ahead to the next fiscal year, it is essential we continue the momentum to ensure CDFIs are funded in the future.”
Nussle added that stakeholders should continue to use resources such as CUNA’s Member Activation Program to get employees and members engaged in the push for continued CDFI funding.
The bill also contains CUNA-backed regulatory relief language directing the Consumer Financial Protection Bureau (CFPB) to report to the Senate and House Appropriations Committees, Senate Banking Committee and House Financial Services Committee on how it has used its section 1022 exemption authority to tailor its rulemakings to community financial institutions within 120 days of the bill’s enactment.
Other CUNA-backed language in the bill report includes: