WASHINGTON-The Senate Approp- riations Committee approved the VA-HUD and Independent Agencies appropriations bill setting the borrowing cap for the Central Liquidity Facility (CLF) and granting funds to the Community Development Financial Institutions (CDFI) Fund and the Community Development Revolving Loan Fund (CDRLF) Program. The CLF borrowing authority, which has no budgetary impact, is restored to the $1.5 billion ceiling established for 2001 in the legislation. Historically, the borrowing level had been set at $600 million, but was lifted to its full statutory capacity of 12 times its capital plus surplus in anticipation of Y2K problems. While the credit union trade groups and NCUA would like to see the CLF restored to its full statutory authority, Congress and credit union lobbyists compromised at $1.5 billion last year. The CDRLF received the same funding it has historically at $1 million, with $350,000 earmarked for technical assistance. The CDFI has proven the most contentious issue. The Republican controlled House set the funding at $80 million in their bill, while the Senate, recently taken over by the Democrats, reserved $100 million in funding. The administration had wanted it limited to $68 million, down $50 million from 2000 appropriations. Congress was expected to vote shortly after press time.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.