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News Now

Washington
Higher CLF CDFI and co-op development funding move ahead
WASHINGTON (7/13/09)--A Senate committee last week approved a State-Foreign Appropriations Bill which includes a $10 million grant for the U.S. Agency for International Development's cooperative development programs sponsored by such organizations as the the World Council of Credit Unions (WOCCU). The WOCCU program helps credit unions in developing nations provide financial services to their members. The CDP also helps credit unions in these nations expand their technical and regulatory expertise. The Senate Appropriations subcommittee on financial services and general government also approved its appropriations bill last week. Under that bill, the National Credit Union Administration will be granted continued authority to allow the Central Liquidity Facility (CLF) to lend to its statutory cap of $41 billion. Low-income credit unions will also have access to $1 million in technical assistance funds under the Community Development Revolving Loan Fund, effective until September 30 of 2011. The Senate also approved $166.75 million in Community Development Financial Institution (CDFI) funds, which is short of the House's recommendation and the Obama administration's proposed budget of $234.6 million. The Senate bill will also make $236 million in funds available through the Small Business Administration's business loan account. A similar appropriations bill, which was approved by a House committee early last week, would allow the CLF to maintain its maximum amount through fiscal 2010 and would increase funding for CDFI fund and the SBA's business loan account.


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