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Spending Package Includes Provision for Increased CDFI Funding
Tuesday, May 2, 2017 6:45 AM

The House and Senate will vote on a newly released spending package to fund government operations through Sept. 30, 2017. The bill contains several Cornerstone- and CUNA-backed provisions, including a large increase in funding for the Treasury’s Community Development Financial Institutions (CDFI) Fund.

The fund received $233.5 million last year and was slated to be completely eliminated this this year by the Trump Administration. However, CUNA fought for increased funding. Congressional leaders heard that message and included $248 million for the fund, an increase of $14.5 million.

The bill also contains CUNA-backed regulatory relief language directing the Consumer Financial Protection Bureau to report to the Senate and House Appropriations Committees, Senate Banking Committee, and House Financial Services Committee on how it has used its Section 1022 exemption authority to tailor its rulemakings to community financial institutions within 120 days of the bill’s enactment. 

Other language in the bill report includes:

  • Strongly encouraging the Federal Communications Commission to revisit its Telephone Consumer Protection Act order and address technical questions that have been raised;
  • Encouraging CFPB to better engage stakeholders regarding its short-term, small-dollar loan proposal in an open and transparent manner; 
  • Support of recent efforts to allow for residential mortgages held in portfolio by lenders to be recognized as qualified mortgages and to clarify the definition of ‘‘points and fees’’ for qualified mortgages; and
  • Directs the Government Accountability Office to determine the impacts of the Foreign Account Tax Compliance Act (FATCA) on United States citizens living abroad and make recommendations on FATCA implementation.

CUNA President/CEO Jim Nussle said, “As Congress begins to look ahead to the next fiscal year, it is essential we continue the momentum to ensure CDFIs are funded in the future.” And he added that stakeholders should continue to use resources such as CUNA’s Member Activation Program to get employees and members engaged in the push for continued CDFI funding.