Mon, Mar 26, 2018
President Trump signed a $1.3 trillion spending bill on Friday that includes significant wins for credit unions.
The bill includes funding for two key credit union priorities, the Treasury’s Community Development Financial Institutions (CDFI) Fund and NCUA’s Community Development Revolving Loan Fund (CDRLF).
Both funds were zeroed out in President Donald Trump’s budget request for fiscal year 2018.
The omnibus bill funds the CDFI Fund at $250, a $2 million increase from last year. The CDRLF receives $2 million, the same as last year.
The legislation also:
- Maintains and expands loan limits in the Small Business Administration’s 7(a) and 504 loan programs, at $29 billion and $7.5 billion respectively. These programs allow for partially guaranteed government loans that are partially exempt from the statutory credit union member business lending cap.
- Makes $12 million available for the Cooperative Development Program, a five-year competitive grant program that responds to the needs of local, host country cooperatives.
- Keeps the NCUA out of the appropriations process.