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News Now

Washington
233M for CDFI approved by Senate subcommittee
WASHINGTON (6/13/12)--The Senate Appropriations subcommittee on financial services and general government Tuesday approved the draft of its appropriations package for fiscal year 2012, which includes $233 million for the U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund.

That funding level would represent a $12 million increase above the 2012 enacted level of $221 million.

The CDFI Fund was created to promote economic revitalization and community development through investment in and assistance to qualified community development financial institutions (CDFIs), which include credit unions.

The fund's mission is to expand the capacity of CDFIs to provide credit, capital, and financial services to underserved populations and communities in the United States

.

The subcommittee appropriations draft, overall, covers $21.73 billion in discretionary spending for the nation's consumer and financial oversight agencies, which includes more than two dozen agencies within the Executive Branch, the federal courts, the District of Columbia, and independent agencies.

The full committee is scheduled to markup the bill Thursday.


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