WASHINGTON (6/11/15)--Markup of the House Financial Services and General Government (FSGG) Appropriations Bill, which includes allocations for community development funds of interest to credit unions, will begin this morning at 9 a.m., although no amendments are expected to be considered.
The session is being conducted by the House Appropriations subcommittee on financial services and general government.
The bill allocates $233,523,000 for the Community Development Financial Institutions (CDFI) Fund, the same as appropriated for Fiscal Year 2015. The CDFI Fund, which carries out the Riegle Community Development and Regulatory Improvements Act of 1994, promotes economic revitalization and community development through investment in and assistance to CDFIs, including community development credit unions.
Since its creation, the fund has awarded more than $2 billion to organizations and financial institutions, said the U.S. Treasury. According to the National Federation of Community Development Credit Unions, the fund has included more than $150 million in financial and technical assistance for CDFI-certified credit unions.
The National Credit Union Administration’s (NCUA) Community Development Revolving Loan Fund was budgeted at $2 million, the same as Fiscal Year 2015. The fund was created by Congress to support credit unions that serve low income members. Last year’s $2 million allocation was the first funding increase since 2003, according to NCUA’s website. The $2 million allocation will be available until Sept. 30, 2017, for technical assistance to low-income-designated credit unions, according to the bill.
The FSGG bill full committee markup is set for next week.