The House Appropriations Committee has approved a 2013 spending bill that will maintain 2012 funding for the NCUA's Community Development Revolving Loan Fund, although the $500,000 budgeted is less than the $1.18 million President Obama requested.

However, the committee on Wednesday funded the full $221 million requested by the president for the Treasury Department's Community Development Financial Institutions Fund, and maintained full statutory borrowing authority for the Central Liquidity Facility.

NAFCU said in a release it supported full funding for both programs, which are used by low-income credit unions to strengthen operations and expand services in economically distressed areas.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Regulatory & Compliance