The Biden Administration released a bare-bones funding blueprint for next year and it proposes a 22.2% increase for the Community Development Financial Institutions program, the opposite of Trump Administration budgets which always called for elimination of the program.
Credit unions are finding themselves having to explain to thousands of members why it looks like Economic Impact Payments have been received but can’t be accessed. This is because the IRS decided to use March 17th as a release date for the funds and did not send payments using the same-day Automated Clearing House (ACH) system for direct deposits.
Treasury Secretary-designate Janet Yellen met with representatives of Community Development Financial Institutions and Minority Depository Institutions and made a commitment on behalf of the Biden Administration to support the program.
President Trump appears to have gone back on a commitment he made during the recent presidential campaign and is once again opposing funding for the Community Development Financial Institutions program.
The Financial Crimes Information Network (FinCEN) has released a final rule requiring banks and credit unions that are not regulated by the federal government to comply with Anti-Money Laundering regulations.
In a major policy reversal, the Trump Administration announced Thursday that it was setting aside $10 billion in the Paycheck Protection Program for loans made by Community Development Financial Institutions.