Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Proposed federal spending bill steady on CU programs
WASHINGTON (12/16/11)--An omnibus appropriations bill that has been agreed to by House and Senate conferees, and could be voted on by the U.S. Congress this week, would allow the National Credit Union Administration's (NCUA) Central Liquidity Facility (CLF) to continue to operate under its statutory cap and would impact some other issues of great interest to credit unions.

The CLF is authorized by the Federal Credit Union Act to lend up to 12 times its paid-in capital, and this lending limit would be continued in 2012 provided the administrative expenses of the CLF in the 2012 fiscal year do not exceed $1.25 million.

The appropriations bill also addresses the NCUA's Community Development Revolving Loan Fund (CDRLF), the U.S. Treasury Department's Community Development Financial Institution (CDFI) Fund, and the Cooperative Development Program (CDP).

Funding for the CDRLF, which provides loans and technical assistance to federal and state credit unions that are designated as a low-income credit union, as defined by NCUA regulations, would be dropped slightly under the omnibus bill. The 2012 funding would fall to $1.25 million. The Obama administration had asked for $2 million in CDRLF funding for fiscal 2012.

Funding for the CDFI Fund would also be reduced slightly under the omnibus agreement, dropping to $221 million from the Obama administration's requested total of $227.3 million.

Funding for the Office of Cooperative Development has not been determined, but the 2012 budget for the U.S. Agency for International Development (USAID) will be cut by 13% under the omnibus bill. However, the omnibus bill would direct $10 million in funds to cooperatives and credit unions that take part in overseas development assistance programs.

CUNA Senior Vice President of Legislative Affairs Ryan Donovan said the legislation could be considered today.


RSS print
News Now LiveWire
@CFPB today finalized a rule to promote more effective privacy disclosures from financial institutions to their customers. Watch News Now
22 minutes ago
Four consumer rights you didn't have 40 years ago via @CreditExperts http://t.co/RwSocTG1q4
41 minutes ago
Cascade Community #CreditUnion has granted 30 educators almost $6,000 in Chalkboard grants for the 2014-15 school year.
1 hours ago
#NewsNow Money: CUNA's Schenk talks interest rates, inflation http://t.co/JbQlDrXzM3
1 hours ago
Eric Richard, CUNA's general counsel, details legal/regulatory trends affecting CUs at CUNA Attorneys Conf. today. http://t.co/n7ZATxT4eM
2 hours ago