X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON – The Bush Administration’s plan to eliminate the Community Development Financial Institutions Fund in favor of a block grant program administered by the Commerce Department has hit another snag. The Transportation, Treasury, Housing and Urban Development, the Judiciary, and the District of Columbia House Appropriations Subcommittee have declined to go along with the plan and instead have appropriated $55 million for the fund, the same level of funding as last year and $47 million more than the Administration sought. While the CDFI Coalition, an organization of CDFIs that supports the Fund, has been advocating for at least an $80 million appropriation, the Coalition believes that this rejection of the Bush Administration proposal to eliminate the CDFI Fund grant programs is very significant. The organization thanked Chairman Joseph Knollenberg (R-Mich.) and Ranking Member John Olver’s (D-Mass.) recognition of the important role the CDFI Fund grant programs have played in fostering a nationwide network of CDFIs. The Appropriations Subcommittee Bill next moves to the House Appropriations Committee for final approval before being considered by the entire House of Representatives.

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
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.