Spending Deal Includes $250 Million for CDFI Program & No Additional RBC Delay

The massive FY19 spending deal designed to avoid another partial government shutdown includes $250 million for the Community Development Financial Institutions program.

But the bill does not include a two-year deal of the NCUA’s Risk-Based Capital rule, as was proposed by House Republicans last year.

The House and Senate are expected to consider the 1,159-page conference agreement before funding for parts of the federal government expires Friday. Conferees on the measure released the legislation early Thursday morning. It will fund large portions of the government through Sept. 30, the end of the fiscal year.

President Trump is likely to sign the measure even though it does not explicitly contain $5.7 billion for a wall along the U.S. southern border.

The $250 million for the CDFI program is the same amount the program received during FY18. The House had proposed cuts to the program; the Trump Administration has proposed eliminating it altogether.

The bill does not include a two-year delay for the controversial RBC rule. The NCUA board already has approved a delay from Jan. 1, 2019 to Jan. 1, 2020. However, credit union trade groups have been pushing for an additional one-year delay.

The House included that delay in its version of the FY18 Financial Services appropriations measure, but Senate appropriators said they wanted to avoid attaching legislative riders to the bill.

The conference report also does not include a plan to place the CFPB under the appropriations process, a move long sought by House Republicans.