Removing Barriers Blog

Senate Appropriations Committee Approves FSGG Bill
Posted June 18, 2016 by CUNA Advocacy

This week, the Senate Appropriations Committee approved the Financial Services and General Government (FSGG) appropriations bill.  The Committee report includes language urging Treasury to work with financial regulators to address student debt. Additionally, the bill itself contained: 

  • Funding for the Community Development Financial Institutions (CDFI) fund at $234 million, $500,000 more than FY16, and $16 million less than the bill passed last week by the House Appropriations committee; 
  • $2 million for  NCUA's Community Development Revolving Loan Fund (CDRLF); and 
  • A new account called the Cybersecurity Enhancement Account. The Committee recommends $47,743,000 for the initiative. It is "designed to bolster the (Treasury) Department's cybersecurity posture and mitigate threats to the U.S. financial infrastructure."  It will also "improve identification of cyber threat and better protect information systems from attack; provide a platform to enhance efficient communication, collaboration, and transparency around the common goal of improving not only the Cybersecurity of the Treasury Department,  but also the Nation’s financial sector." 

In the committee markup, an amendment from Sen. Merkley was passed that prohibit funds from being used to penalize financial institutions that provide financial services to certain persons in States and jurisdictions where marijuana is legal.