WASHINGTON — With the Senate Appropriations Committee wrapping up its budget recommendations, the budget committees of both chambers of Congress have suggested significantly more money for the U.S. Treasury Department's Community Development Financial Institutions fund.
In June, the House Appropriations Committee recommended $100 million for the Fund, $71.4 million above the budget request and roughly $46 million above the amounts provided in fiscal year 2007. The Senate committee's recommendation of $90 million is $36 million above the fiscal year 2007 enacted level and roughly $62 million above the budget request.
This represents a significant improvement over every year since the beginning of the Bush Administration when the White House has either sought to severely cut the fund or to eliminate it altogether and to roll the money into other
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federal community development efforts.
While Congress under the Republicans never fulfilled the Administration's plans for the fund, the amounts budgeted were generally a good deal more parsimonious than this year's suggestions. For example, last year's budget, which admittedly was out of the usual appropriations pattern due to the November 2006 elections and new
Congress, was set just short of $55 million.
Should Congress accept a compromise of $95 million for the fund (a compromise between $100 million and $90 million), the amount budgeted would be the largest CDFI allocation since the Clinton Administration.
The CDFI Coalition, a group of CDFI's that supports the Fund, said it is not clear when the full Senate or House may pass their versions of the appropriations legislation.
In other CDFI credit union news, the most recent awards of funds from the U.S. Treasury Department's Community Development Financial Institutions fund's Native American CDFI Assistance (NACA) Program has included money for developing a new Native American Credit Union.
According to the award announcement, just over $3.6 million was awarded to 19 organizations serving Native American or Alaskan Native communities in 12 states. One of those was the Pascua Yaqui Tribe, headquartered in Tucson, Ariz.
The Pascua Yaqui government was awarded $140,000 to help fund the start up of a new federal credit union, the award said. The credit union's first field of membership will be tribal members and non-tribal members who work for the tribe's government and casino operation.
The award said the tribe was hoping to receive a charter for the CU by June 2007, but NCUA has not announced any
charter for the Pascua Yaqui so far this year. As of press time no one from the Pascua Yaqui has been available to take questions about the CU.
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