WASHINGTON-Shortly after the stroke of midnight July 31, the House passed the Veterans Affairs, Housing and Urban Development and Independent Agencies Appropriations legislation. The bill passed by a vote of 336 to 89. Despite the lobbying efforts of CUNA and NAFCU, the bill set a cap on the Central Liquidity Facility's (CLF's) borrowing authority at $1.5 billion for 2002, above the historical $600 million but well below the statutory limit of 12 times its capital plus surplus. The legislation also limits CLF operating expenses to $309,000. Additionally, the bill appropriates $1 million for the Community Development Revolving Loan Fund, with $350,000 of that set aside for technical assistance grants. Another $80 million was targeted for the Community Development Financial Institutions (CDFI) Fund for next year. This is well over the $68 million President George W. Bush originally proposed. CUNA and NAFCU both lobbied against the administration's plan to cut the CDFI funding. The Senate is expected to take up its matching appropriations bill shortly. The bills are identical, except that the Senate allots $100 million to the CDFI.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.