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Subcommittee votes CDFI boost max CLF borrowing
WASHINGTON (6/26/09)—Under a House Appropriations subcommittee financial services spending bill, no cap would be placed on the National Credit Union Administration’s (NCUA’s) Central Liquidity Facility (CLF) borrowing authority. According to the NCUA, this would mean the CLF would maintain its maximum, approximately $40 billion, borrowing authority through fiscal year 2010. Also approved by the subcommittee on financial services and general government, according to Credit Union National Association Senior Legislative Representative John Hildreth, the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) funds would get a substantial bump up in its funding. The subcommittee voted Thursday to increase the CDFI fund to $243.6 million, up from $107 million appropriated for FY 2009. Hildreth also noted that the U.S. Small Business Administration’s business loan account would be increased to $236 million from $141 million in the subcommittee bill. However, Hildreth warned, it is early days in the appropriation process. Treasury’s CDFI Fund helps locally based financial institutions offer small business, consumer and home loans in communities and populations that lack access to affordable credit. CDFIs are financial intermediaries such as certain credit unions, banks, loan funds, venture capital funds, corporation-based lenders and microenterprise development loan funds. Credit unions interested in CDFI certification should note there is one remaining date in the Treasury’s series of free conference calls on the subject. An upcoming session is scheduled for July 16, 2 p.m. EST. To access the conference calls, participants must call (202) 927-2255 and enter in the pin number 315646. No prior registration is necessary.
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