House passes ‘minibus’ with CDFI, CDRLF funding

The House passed its “minibus” appropriations bill Wednesday that includes the Financial Services and General Government bill with several credit union priorities.

CUNA wrote to House leadership prior to the vote supporting appropriate funding levels for the Treasury’s Community Development Financial Institutions (CDFI) Fund and NCUA’s Community Development Revolving Loan Fund (CDRLF).

The bill contains:

• $336 million for the CDFI Fund, which makes capital grants, equity investments and awards for technical assistance to certified CDFIs.
• $4 million for the CDRLF, which funds a revolving loan program and a technical assistance program.

“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,” wrote CUNA President/CEO Jim Nussle in support of the bill.