Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
2014 CDFI, CDRLF Spending Approved By Senate Committee
WASHINGTON (7/29/13)--The Senate Appropriations Committee late last week approved its appropriations package for fiscal year 2014, which includes $230 million for the U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund.

That funding level would represent a $20 million increase above the 2013 post-sequester level of $210 million. The CDFI Fund helps locally based financial institutions--including credit unions--offer small business, consumer and home loans in communities and populations that lack access to affordable credit.

A total of $1.2 million in funds would be allocated to the National Credit Union Administration's Community Development Revolving Loan Fund (CDRLF) under the committee budget. The Obama administration has requested $1.127 million in CDRLF funding in its own 2014 budget. A total of $1.144 million in CDRLF funding was approved in the 2013 budget. The CDRLF provides loans and technical assistance to federal and state credit unions that are designated as low-income credit unions, as defined by NCUA regulations.

Last August, the NCUA awarded $1.4 million in technical assistance grants to just over 100 small credit unions through the CDRLF.

The Senate committee spending bill would also allocate $10 million in funds to the Cooperative Development Program (CDP), and $265 million to various microenterprise and microfinance initiatives. The CDP aids the work of credit unions and other cooperatives in developing countries by funding sustainable development assistance carried out by eight U.S.-based cooperative development organizations.

Student debt and lending issues were also noted in the committee appropriations package.

The committee directed the U.S. Treasury to work with the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, the NCUA and the Federal Reserve "to offer clear guidance consistent with safety and soundness principles recognizing the unique characteristics of private student loans compared to other debt and providing flexibility to lenders working with borrowers to avoid default."

There is over $1 trillion in outstanding student loan debt, of which $150 billion is in private student loans. More than 850,000 students have defaulted on their private student loans worth more than $8.1 billion, the committee noted.


RSS print
News Now LiveWire
For the last 75 years, even in the most difficult of times, Mill Town #CU has been there for the community it serves. Read #NewsNow Tues.
8 hours ago
The 1st vid shows how consumer can become victim and, advice to those who think they've been targeted. http://t.co/hr9VHpzEze
12 hours ago
.@TheNCUA has released two videos designed to raise awareness of elder financial abuse. http://t.co/iddSxr7H40
13 hours ago
Celebrate #100MM with @MDDCCUA1 at Orioles v Blue Jays tonight at Camden Yards
13 hours ago
The At Home In Lawrence mortgage program from @MetroCU is designed to help revitalize Lawrence, Mass.
13 hours ago