Removing Barriers Blog

President Signs Legislation to Avert Government Shutdown
Posted December 10, 2018 by CUNA Advocacy

On December 7, 2018, President Trump signed H.J.Res. 143, legislation to avert a government shutdown and to fund federal government operations through December 21.  The only other provision in the legislation is an extension of the authority of the National Flood Insurance Program, also to December 21. 

Of the twelve fiscal year 2019 annual appropriations bills, five have been signed into law.  These five bills represent about 75 percent of annual discretionary spending.  (Defense, Labor/Health, Energy & Water, Military Construction/Veterans, and Legislative Branch). 

The House and Senate conference committee has met to hammer out a deal on H.R. 6147, another "minibus" appropriations package, which includes the Interior, Financial Services, Agriculture, and Transportation, Housing and Urban Development funding bills.   

The remaining three bills are Commerce/Justice/Science, Homeland Security, and State/Foreign Operations).  The agencies covered by the continuing resolution are funded at fiscal year 2018 levels until a deal is reached to fund them at fiscal year 2019 levels. 

In the funding portion of the H.R. 6147, (which has not yet been enacted into law), the House position on the Community Development Financial Institutions (CDFI) Fund was to fund it at $248 million for FY19.  The Senate position was $250 million.  The conference committee position is unknown to the public at this time.  Both the House and Senate position on the Community Development Revolving Loan Fund (CDRLF) is $2 million.  During a continuing resolution, these two programs will be funded at FY18 levels, $250 million and $2 million respectively. 

In other areas of H.R. 6147, (which has not yet been enacted into law), there are other issues of interest to credit unions.  For the Small Business Administration, both the House and Senate positions authorize the same maximum loan limit of $30 billion for the Section 7(a) loan program.  This loan cap is $1 billion more than Fiscal Year 2018’s enacted level of $29 billion.  For the SBA’s Section 504 Loan Program, both House and Senate positions authorize the same FY18 maximum loan limit of $7.5 billion.  Credit unions make both 7(a) and 504 loans.