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News Now

Washington
CLF, CDRLF, CDFI Fund spending stable in Obama 2015 budget
WASHINGTON (3/5/14)--President Obama Tuesday unveiled his budget blueprint for FY 2015, which included proposed funding levels for certain credit union programs--along with about $3.9 trillion in other spending priorities.
 
The maximum loan limitation of the National Credit Union Administration's Central Liquidity Facility (CLF) would continue at its current fiscal 2014 level under the Obama administration's proposed budget for fiscal 2015. The CLF is authorized by the Federal Credit Union Act to lend up to 12 times its paid-in capital: The borrowing authority of the CLF currently stands at $2.9 billion.
 
The NCUA Community Development Revolving Loan Fund's (CDRLF) appropriation drops slightly to $1,071,267 in the proposed 2015 budget, down from $1,200,000 in last year's spending plan. The CDRLF provides loans and technical assistance to federal- and state-chartered credit unions that are designated as low-income credit unions as defined by NCUA regulations.
 
Also in Obama's spending plan, the proposed funding for the U.S. Treasury Department's Community Development Financial Institutions Fund, at $224,900,000, is down slightly from $226,000,000 last year.
 
Next week, the Office of Management and Budget will release its tax expenditure list along with details of these and other programs.


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