The House passed the conference report to H.R. 6157 Wednesday, a “minibus” bill that includes a continuing resolution to fund the government through Dec. 7. The federal government is scheduled to shut down if President Donald Trump does not sign the bill the end of fiscal year 2018, which is Sept. 30.
The continuing resolution would maintain fiscal year 2018 current funding levels for the Treasury’s Community Development Financial Institutions (CDFI) Fund and NCUA’s Community Development Revolving Loan Fund (CDRLF), two funds used by credit unions.
The Treasury’s CDFI Fund makes capital grants, equity investments and awards for technical assistance to certified CDFIs. It was funded at $250 million for fiscal year 2018, which CUNA successfully fought for earlier this year.
As of Aug. 31, 2018, credit unions comprise 309 out of 1,111 total CDFIs. Forty-eight CDFI credit unions received nearly $34.5 million from the CDFI Fund earlier in September. These include four in Puerto Rico, for the first time in the fund’s history.
NCUA’s CDRLF funds a revolving loan program and a technical assistance program. It was funded at $2 million for fiscal year 2018.
H.R. 6157 also funds the Departments of Defense, Labor, Health and Human Services and Education, in addition to the continuing resolution.
Additional details on credit union priorities in the appropriations process can be found on CUNA’s Removing Barriers Blog.