The House Appropriations financial services and general government subcommittee passed its appropriations bill for fiscal year 2018 Thursday evening by voice vote. The bill contains some regulatory relief for credit unions, but also a number of provisions of serious concern to CUNA and credit unions.
It would place NCUA under the appropriations process, which CUNA opposes, believing a separate independent regulatory is critically important to the credit union system.
The bill makes heavy cuts to 2 funds utilized by credit unions, the Treasury’s Community Development Institutions (CDFI) Fund, and NCUA’s Community Development Revolving Loan Fund (CDRLF)
The bill proposes $58 million less for the CDFI Fund than FY17 levels, and does not fund the CDRLF in FY18.
CUNA President/CEO Jim Nussle has called on leagues, credit unions, employees, volunteers and members to engage legislators to restore funding.
CUNA is currently engaging with policymakers to fix the problems in the legislation.
Additional details can be found on CUNA’s Removing Barriers Blog.