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CLF, CDRLF, and CDFI funding set

WASHINGTON-Shortly after the stroke of midnight July 31, the House passed the Veterans Affairs, Housing and Urban Development and Independent Agencies Appropriations legislation. The bill passed by a vote of 336 to 89. Despite the lobbying efforts of CUNA and NAFCU, the bill set a cap on the Central Liquidity...

By Staff Writer | Updated on August 07, 2001

WASHINGTON-Shortly after the stroke of midnight July 31, the House passed the Veterans Affairs, Housing and Urban Development and Independent Agencies Appropriations legislation. The bill passed by a vote of 336 to 89. Despite the lobbying efforts of CUNA and NAFCU, the bill set a cap on the Central Liquidity Facility’s (CLF’s) borrowing authority at $1.5 billion for 2002, above the historical $600 million but well below the statutory limit of 12 times its capital plus surplus. The legislation also limits CLF operating expenses to $309,000. Additionally, the bill appropriates $1 million for the Community Development Revolving Loan Fund, with $350,000 of that set aside for technical assistance grants. Another $80 million was targeted for the Community Development Financial Institutions (CDFI) Fund for next year. This is well over the $68 million President George W. Bush originally proposed. CUNA and NAFCU both lobbied against the administration’s plan to cut the CDFI funding. The Senate is expected to take up its matching appropriations bill shortly. The bills are identical, except that the Senate allots $100 million to the CDFI.

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