WASHINGTON (1/15/14)--Credit Union National Association Senior Vice President of Legislative Affairs Ryan Donovan said CUNA is gratified that federal that lawmakers took note of the trade association's requests that credit union priorities receive increased funding for the remainder of fiscal year 2014.
"Credit unions did quite well in the omnibus appropriations bill released Tuesday evening," Donovan said, referencing increased funding for the Community Development Revolving Loan Fund (CDRLF) at an annualized rate of $1,144,746 and the Community Development Financial Institutions Fund (CDFIF) at $210 million.
CUNA had urged lawmakers, in a Jan. 7 letter to key House Appropriations Committee members, to restore funding to these two vital programs at levels proscribed in a 2012 law; the CDRLF at an annualized rate of $1,247,000, and the CDFIF $221 million.
The fiscal year 2014 Continuing Resolution (H.J.Res. 59) that funded the government through today, set funding for the credit union programs at a lower annualized rate of $1,144,746 for CDRLF and $210 million for CDFIF.
The maximum loan limitation of the National Credit Union Administration's Central Liquidity Facility (CLF) would continue under the House-approved bill at its current statutory ceiling of 12 times its paid-in capital.
Also good news for credit unions, CUNA and the World Council of Credit Union requested $10 million for the cooperative development programs of the U.S. Agency for International Development and $265 million for microenterprise and microfinance.
"Both funding amounts are included in the new omnibus appropriations agreement," Donovan noted.
Also in the funding bill, the director of the Office of Management and Budget is required to submit within 90 days after the date of enactment a report to the House and Senate appropriations committees a report on the costs of implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The funding described above is, of course, part of the $1.1 trillion package approved by the House late Monday, which provides the details of the budget deal passed by Congress in December.
It is expected that the House will vote on the bill today. The Senate has until midnight Saturday to finish its spending bill.