President Donald Trump signed a funding package Friday that will fund the federal government and reauthorize the National Flood Insurance Program through Dec. 8. The continuing resolution maintains fiscal year 2017 funding levels for the Community Development Financial Institutions (CDFI) Fund, which Congress is considering cutting in its FY2018 proposals.
“Credit unions have shown how they leverage every dollar they receive through the CDFI Fund to fill vital needs in their communities, and maintaining FY2017 levels for the CDFI Fund through Dec. 8 means more funds going to good use,” said CUNA President/CEO Jim Nussle. “CUNA, leagues and credit unions worked hard to bring attention to the positive impact these funds have, and we will continue to do so to ensure CDFIs receive support in future budgets.”
The House passed a similar bill earlier this week, but the Senate passed an amended measure, meaning it will go back to the House for a vote. Current funding for the federal government expires Sept. 30.
Early FY2018 budget proposals also eliminated FY2018 funding for the NCUA’s Community Development Revolving Loan Fund, but funding was restored to $2 million during markup, another win for CUNA and credit unions.
The package passed by the Senate Thursday also contains $15.25 billion in disaster funding for hurricane relief and raises the debt ceiling until Dec. 8.