‘Minibus’ bill funds priorities important to CUs, communities

July 19, 2022

The “minibus” appropriations bill set for a House vote this week includes appropriate funding levels for credit union priorities, CUNA wrote to House leadership Tuesday. The legislation, H.R. 8294, contains six appropriations bills, including the Financial Services and General Government bill for FY23.

“This bill includes appropriate fiscal year 2023 funding levels for priorities important to credit unions and the communities they serve,” the letter reads. “This funding will help to combat the lingering effects of the COVID-19 emergency on the ability of small businesses and individuals to access credit and basic financial services.

These priorities include:

  • $336 million for the Treasury’s Community Development Financial Institutions (CDFI) Fund. CUNA also supports the president/s proposed $5 million mandatory CDFI funding to address affordable housing issues. The fund makes capital grants, equity investments and awards for technical assistance to certified CDFIs.
  • $4 million for NCUA’s Community Development Revolving Loan Fund (CDRLF). The president requested $6 million for the CDRLF, and CUNA hopes to work with appropriators to increase this amount in the final bill. The CDRLF funds a revolving loan program and a technical assistance program