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News Now

Washington
Financial services appropriations ready for House vote
WASHINGTON (6/21/12)--Financial services appropriations legislation for the 2013 fiscal year will move on to the full House after it was approved by a Wednesday House Appropriations Committee voice vote.

Under the House bill:

  • The National Credit Union Administration's (NCUA) Community Development Revolving Loan Fund (CDRLF) program would receive $500,000 in funding; and
  • The U.S. Treasury's Community Development Financial Institutions (CDFI) Fund would receive $221 million in funding.
The NCUA's Central Liquidity Facility (CLF) is not addressed by the legislation, and, thus, would retain its current lending authority of 12-times its paid-in capital.

Senate appropriations legislation, which awaits action by the full Senate, would provide $233 million in CDFI Fund backing and $1.19 million in CDRLF funds, and would maintain the CLF at its current level.

Final versions of the House and Senate appropriations bills will be subject to a reconciliation process before they are moved on for final approval by President Barack Obama.

The Obama administration requested $1.19 million in CDRLF funds, $221 million for the CDFI Fund, and continued full authority for the CLF in its suggested 2013 fiscal year budget.
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