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Credit Union Program, CDFI, CFPB Budgets on Chopping Block

The House Appropriations Committee today is considering a spending bill that would cut the NCUA’s Community Development Revolving Loan Fund by 75% and 19% from the Treasury Department’s Community Development Financial Institutions Fund.

By Claude R. Marx | Updated on June 23, 2011

The House Appropriations Committee today is considering a spending bill that would cut the NCUA’s Community Development Revolving Loan Fund by 75% and 19% from the Treasury Department’s Community Development Financial Institutions Fund.

The panel’s Subcommittee on Financial Services approved legislation allocating $500,000 to the CDRLF, even though President Obama requested $2 million. The president had requested $227.2 million for the CDFI but the subcommittee only allocated $183 million. CUNA and NAFCU both wrote letters to the panel urging full funding for the programs.

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