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Congress likely to split difference on CDFI:NAFCU lobbyists

ARLINGTON, Va.-With several reports of a shrinking budget surplus, credit union and other community development financial institutions may have to settle for a compromise between the Senate and House VA-HUD appropriations bill allotment for the Community Development Financial Institutions (CDFI) fund. According to NAFCU Director of Legislative Affairs Charlie Frohman,...

By Staff Writer | Updated on September 04, 2001

ARLINGTON, Va.-With several reports of a shrinking budget surplus, credit union and other community development financial institutions may have to settle for a compromise between the Senate and House VA-HUD appropriations bill allotment for the Community Development Financial Institutions (CDFI) fund. According to NAFCU Director of Legislative Affairs Charlie Frohman, with the dissolving surplus and the number of appropriations still to go through Congress, “Chances are [lawmakers] will split the difference” on the CDFI. Currently, the House version of the bill grants the CDFI $80 million, while the Senate is offering $100 million. Frohman predicted it would end up somewhere around $90 million. All other parts of the bill concerning credit unions are the same including the $1.5 billion borrowing authority for the Central Liquidity Facility and $1 million for the Community Development Revolving Loan Fund, with $350,000 earmarked for technology grants.

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