WASHINGTON (6/19/12)—The U.S. House version of financial services appropriations for the 2013 fiscal year, which would address vital credit union programs and other financial services priorities, is scheduled to be discussed in a House Appropriations Committee markup session this week.
The House version of 2013 financial services and general government appropriations legislation was passed by the House Appropriations subcommittee on financial services earlier this month.
Under that bill, the National Credit Union Administration's (NCUA) Community Development Revolving Loan Fund (CDRLF) program, which provides loans and technical assistance to federal and state credit unions that are designated as low-income credit unions, would receive $500,000 in funding. The House bill would also provide $221 million in funding for the U.S. Treasury's Community Development Financial Institutions (CDFI) fund. The CDFI Fund helps credit unions and other financial institutions offer small business, consumer and home loans in communities and populations that lack access to affordable credit.
The NCUA's Central Liquidity Facility (CLF) would not be changed by the House appropriations legislation. That fund is currently authorized by the Federal Credit Union Act to lend up to 12 times its paid-in capital.
The CLF would also remain unchanged under the Senate version of financial services appropriations legislation, which was approved by the full Senate Appropriations Committee last week.
The Senate bill would also provide $233 million in CDFI Fund backing and $1.19 million in CDRLF funds to the NCUA. The Senate appropriations legislation has been passed on to the full Senate.
Final versions of the House and Senate appropriations bills will be subject to a reconciliation process before they are moved on for final approval by President Barack Obama.
The Obama administration requested $1.19 million in funds for the 2013 edition of the CDRLF and $221 million for the CDFI Fund earlier this year. The administration also requested that the CLF maintain its full authority.