No interchange fees in Senate appropriations bill

WASHINGTON (7/09/09)—A Senate appropriations subcommittee, as expected, voted on the Financial Services Appropriations Act for fiscal year 2010 and no amendment was offered to impose restrictions on interchange fees--the bill was approved with no interchange language.

Credit Union National Association (CUNA) Senior Vice President of Legislative Affairs John Magill said CUNA will remain watchful as the bill goes forward to see if it becomes a vehicle for interchange language.

The subcommittee website noted the following provisions of its bill:

• The bill provides $166.8 million for the U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund, an increase of $59.6 million, or 56%, over the last year's enacted level. CDFI grants support financial services to underserved communities, including lending and investment in affordable housing, small business, and community development; and

• For the Small Business Administration, the bill provides $860.9 million, an increase of $81.6 million over the FY10 budget request. The increase supports $25 million for the Microloan program and $114.4 million for Small Business Development Centers.

The bill is scheduled to be marked up by the full committee today.

A similar appropriations bill was approved by a House committee Tuesday night. That bill would allow the National Credit Union Administration's Central Liquidity Facility to maintain its maximum amount of $40 billion through the 2010 fiscal year. It also would increase funding for CDFI fund and the SBA's business loan account.