news.cuna.org/articles/$232M_set_aside_for_CDRLF,_CDFIF_in_omnibus_bill

$232M set aside for CDRLF, CDFIF in omnibus bill

December 12, 2014

WASHINGTON (12/15/14)--A federal spending bill, dubbed the "cromnibus" bill, was passed Saturday night by the U.S. Senate after being passed Thursday by the House. The $1.014 trillion bill was passed 56-40 in the Senate and 219-206 by the House, and will fund the government through September of next year.

The bill contains legislation and funding for 11 annual appropriations, and includes the previously reported $230.5 million for the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund and $2 million the National Credit Union Administration's Community Development Revolving Loan Fund (CDRLF).

The CDFI Fund received $4 million more than last year, which will go to financial and technical assistance loans or grants to CDFIs. CDFIs are certified by the U.S. Department of the Treasury as specialized financial institutions working in markets underserved by traditional financial institutions.

The CDRLF amount of $2 million is an increase from the $1.071 million proposed in previous drafts of the bill. The Credit Union National Association advocated for the additional funds.

The program is administered by the NCUA and provides grants and loans to low-income designated credit unions for financial services and to stimulate economic activities in local communities.

The legislation was nicknamed "cromnibus" because it combines the broad scope of an omnibus spending bill with a continuing resolution (CR), which continues pre-existing appropriations.