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News Now

Washington
Senate is next stop for CLF CDRLF funding bill
WASHINGTON (7/20/09)—A bill that would, in part, allow the National Credit Union Administration’s Central Liquidity Facility to continue operating under its maximum amount through fiscal 2010 now awaits attention in the U.S. Senate. Late last week, the House approved the appropriations package by a very narrow 219-208 vote. The House measure note only seeks to allow the CLF to exercise its full borrowing authority in 2010—which currently equals about $40 billion, it also would provide $1.25 million for technical assistant grants for the NCUA’s —and Community Development Revolving Loan Fund. It also sets out $244 million for grants and assistance under the U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund, in which credit unions may participate. Early this month, the Senate Appropriations Committee passed a comparable bill, but with a lower, $168 million allotment for the CDFI Fund. That legislation also would appropriate $10 million for the U.S. Agency for International Development's cooperative development programs sponsored by such organizations as the World Council of Credit Unions (WOCCU). The WOCCU program helps credit unions in developing nations provide financial services to their members. With less than two weeks before the Congress adjourns Aug. 3 for its month-long Summer District Work Session, the Senate is not expected to vote on the appropriation measure until September.


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