Removing Barriers Blog

Appropriations Bill Passes Subcommittee
Posted June 30, 2017 by CUNA Advocacy

Yesterday, the House Appropriations Subcommittee on Financial Services and General Government passed its FY2018 appropriations bill on a voice vote.  One amendment related to Election Assistance Commission was offered and voted down.   

The bill currently includes several provisions of serious concern to credit unions.  First and foremost, it puts federal banking regulators, including the NCUA, under the appropriations process.  CUNA opposes bringing the NCUA under the appropriations process.  The money that funds the NCUA comes solely from credit unions and their members, not the taxpayers in general.  Maintaining a separate, independent federal regulator and insurer is critically important to the credit union system, and the structural and mission-driven differences between credit unions and banks necessitate such a regulatory scheme. 

Also of great concern is the proposed funding levels for the Community Development Financial Institutions (CDFI) Fund and the Community Development Revolving Loan Fund (CDRLF).  As the legislation currently stands, the CDFI Fund will be funded $58 million below FY 2017 funding and the CDRLF will not be funded in FY2018. 

The full Appropriations Committee is expected to hold a mark up on July 13th. 

CUNA is already in talks with Hill staff in efforts to fix problems in the legislation.