WASHINGTON (6/19/14)--The House Appropriations subcommittee on general government passed the fiscal year 2015 appropriations bill Wednesday by a voice vote.
Funding for the Community Development Financial Institutions Fund (CDFIF) program was set at $230 million, an increase from $226 million last fiscal year. The fund is designed to help promote access to capital and local economic growth in urban and rural low-income communities through monetary awards and the allocation of tax credits.
The bill also contains $1.071 million for the Community Development Revolving Loan fund program. These funds are available for technical assistance for low-income designated credit unions.
In addition, the bill contains language that would require the Consumer Financial Protection Bureau receive funding by requesting appropriations from the Committees on Appropriations of the House of Representatives and the Senate; the Committee on Financial Services of the House of Representatives; and the Committee on Banking, Housing and Urban Affairs of the Senate.
The bill states that these requests "shall include the amount of the funds requested, an explanation of how the funds will be obligated by object class and activity and why the funds are necessary to protect consumers."
The funding bill would next be considered by the full committee before a full House vote is possible.