CDFI, WOCCU in Fed Budget
The $1.1 trillion negotiated budget deal worked out earlier this month by lawmakers in the House and Senate includes money for two programs used by credit unions.
The U.S. Treasury's Community Development Financial Institutions Fund was scheduled to receive $226 million for the Community Development Financial Institutions Fund and $1.2 million for the Community Development Revolving Loan Fund, according to CUNA.
“We’re delighted that lawmakers took note of our requests that these programs of vital importance to credit unions be funded and carried on,” said CUNA President/CEO Bill Cheney. “The efforts that will go forward as a result of this funding will ultimately help more people realize their financial goals through credit unions.”
CUNA and World Council of Credit Unions also requested $10 million for the cooperative development programs of the U.S. Agency for International Development, as well as $265 million for microenterprise and microfinance. Both of these requested amounts were included in the omnibus agreement, the association reported.
Both the House and Senate will have to approve the measure and the president will have to sign it for the measure to become law.