CUNA President/CEO Jim Nussle said CUNA would push to remove language placing NCUA under the appropriations process from the House financial services and general government (FSGG) appropriations bill released Wednesday.
Nussle also called for engagement from the entire credit union system to restore the Community Development Financial Institutions (CDFI) Fund and the NCUA’s Community Development Revolving Loan Fund (CDRLF), which saw heavy cuts in the FSGG bill. CUNA has engaged with appropriators in recent weeks to secure full funding for both.
The bill cuts the CDFI Fund to $190 million and does not fund the NCUA’s CDRLF for fiscal year 2018, and contains other items of interest to credit unions.
"While the regulatory relief provided by the bill is welcome, CUNA continues to have significant concerns about a provision that would move NCUA under the appropriations process, which could blur the independence of NCUA and the credit union system,” Nussle said. “A separate, independent federal regulator and insurer is critically important to the credit union system, and we will work to ensure that the NCUA is not placed under the appropriations process in a final funding bill.
“We are also very disappointed that the subcommittee proposes a significant reduction in the CDFI Fund and the elimination of new funding for the CDRLF. The impact that credit unions make through those funds is indisputable and benefits communities across the country. These are programs that Congress should be investing more in, not less,” Nussle added. “As the appropriations process proceeds, we urge credit unions, their employees, volunteers and members to engage their Representatives and Senators and urge full funding of these important programs.”
Certified CDFIs can apply for grants and other awards through the Treasury’s CDFI Fund. As of May 31, credit unions make up 309 of 1,115 certified CDFIs.
The CDRLF assists credit unions serving low-income communities to provide financial services to their communities, stimulate economic activities, and operate more efficiently. Specifically, it funds a revolving loan program and a technical assistance program.
CUNA President/CEO Jim Nussle called for engagement from the entire credit union system to maintain funding for the Treasury’s Community Development Financial Institutions (CDFI) Fund and NCUA's Community Development Revolving Loan Fund (CDRLF), which saw heavy cuts in the FY18 House financial services and general government (FSGG) appropriations bill.