House Approves 2006 NCUA Appropriations

WASHINGTON-Stuffed in between language for Departments of Transportation, Treasury, Housing and Urban Development, the Judiciary, District of Columbia, and Independent Agencies appropriations in H.R. 3058 is the funding for two NCUA programs. The House has approved $950,000 for Community Development Revolving Loan Fund grants for fiscal year 2006, but was granted two years to spend the funds. According to NCUA Director of Governmental and Congressional Affairs Cliff Northup, the agency already has $8 million in the bank for loans and so decided not to request any more to do its part in helping trim the federal budget. The House bill also includes a $1.5 billion borrowing authority for the Central Liquidity Facility, as well as $323,000 in administrative funds, which is up $13,000 from the previous year. The Senate is expected to take up the legislation in mid-July with the subcommittee beginning the process July 12, Northup said. The full committee will take it up a few days later.