The Senate Appropriations Committee passed the Financial Services and General Government (FSGG) Act for Fiscal Year 2019 Thursday, a bill that includes several CUNA-supported provisions. Most importantly, it contains CUNA-supported funding levels for several programs used by credit unions.
“We’re pleased to see this bill move forward with its full funding for several government funds credit unions are able to leverage to better invest in, and serve, their communities,” said CUNA President/CEO Jim Nussle. “CUNA will continue to advocate for these funds, and other credit union priorities, as the appropriations process for fiscal year 2019 continues.”
The bill includes $250 million for the Treasury’s Community Development Financial Institutions (CDFI) Fund, and $2 million for NCUA’s Community Development Revolving Loan Fund. CUNA supports both funding amounts.
CUNA also supports the bill’s loan volume caps of:
The bill’s report language also contains items of interest for credit unions, including:
The House Appropriations Committee passed its FSGG bill for FY2019 earlier this month. While it only funds the CDFI Fund at $216 million, it contains multiple CUNA-backed regulatory relief provisions.
Additional details on both bills can be found on CUNA’s Removing Barriers Blog.