CUNA sees win as Trump signs funding bill w/ CU priorities

May 5, 2017

President Donald Trump signed H.R. 244, into law Friday. It funds the government through Sept. 30 and addresses several credit union priorities. The bill contains increased funding for the Treasury’s Community Development Financial Institutions (CDFI) Fund, which represents a significant CUNA victory, as it had been zeroed out in an early version of the budget.

“CDFIs perform vital services in their communities, and the combined efforts of CUNA, leagues and credit unions made sure that Congress found the funds to ensure these institutions are able to keep making a difference,” said CUNA President/CEO Jim Nussle. “But the battle isn’t over yet. As Congress starts to work on the budget for the next fiscal year, we’ll need credit union stakeholders to keep up the momentum, to make sure CDFIs are supported in future budgets.

CUNA’s Member Activation Program helped send more than 2,700 messages to Capitol Hill on the need for full CDFI funding. Other efforts included writing to congressional appropriators and issuing an action alert.

As of March 31, credit unions make up 297 of 1,094 certified CDFIs nationwide.

The bill’s report language also includes urging the Consumer Financial Protection Bureau to report on the use of its section 1022 exemption authority and calls to revisit troublesome rulemakings such as the Telephone Consumer Protection Act order and the Foreign Account Tax Compliance Act.

The bill also funds several other important credit union-related accounts, including:

  • $2 million for NCUA’s Community Development Revolving Loan Fund;
  • $27.5 billion for the Small Business Administration’s (SBA) 7(a) program;
  • $7.5 billion for the SBA’s 504 loan program; and
  • $47.7 million for a Cybersecurity Enhancement account.

More details on the bill can be found in previous CUNA News coverage, and on CUNA’s Removing Barriers Blog.