WASHINGTON-The House was expected to consider an appropriations bill affecting NCUA last week after deadline. According to NCUA Director of Governmental and Congressional Affairs Cliff Northup, the House was going to consider H.R. 3058, making appropriations for the Departments of Transportation, Treasury, and Housing and Urban Development, the Judiciary, District of Columbia, and independent agencies last Thursday. NCUA's Central Liquidity Facility and Community Development Revolving Loan Fund Program fall under the independent agencies category. The House and Senate bills were reconciled earlier in the week. H.R. 3058 includes $950,000 in grant money for the CDRLF to be spent over two years, Northup explained. Typically, the agency has received $1 million to be spent in one year, but NCUA tightened its belt some to help with government-wide savings efforts. NCUA had asked for two years to be able to distribute the funds, he said, because of differences in the congressional and agency fiscal calendars. The bill would also set a $1.5 billion borrowing authority for the CLF, as has been tradition since Y2K. Northup was hopeful that the Senate would also take up the bill and pass it before adjourning, if not as a standalone, then at least as part of an omnibus appropriations package.

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

  • 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.

© 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.