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News Now

Washington
Omnibus spending bill approved in House
WASHINGTON (1/16/14)--A $1 trillion, nearly 1,600-page omnibus spending bill was approved by the U.S. House on Wednesday by a 359 to 67 vote.

The Senate will reportedly vote on the bill by Friday, allowing President Barack Obama to sign the bill by the Saturday deadline. If approved, the bill would fund the government until October.

The bill would increase funding for the Community Development Revolving Loan Fund at an annualized rate of $1,144,746 and the Community Development Financial Institutions Fund at $210 million. The maximum loan limitation of the National Credit Union Administration's Central Liquidity Facility would also be maintained at its current statutory ceiling of 12 times its paid-in capital.

The Credit Union National Association in a Jan. 7 letter urged lawmakers to restore funding to these two vital programs at levels proscribed in a 2012 law. (See Jan. 15 News Now story: CUNA-requested CDRLF, CDFI Fund funding levels restored under House bill.)


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