The House Financial Services Appropriations Subcommittee on Thursday approved an FY22 spending bill that would provide a huge 167% increase for the National Credit Union Administration’s Community Development Revolving Loan Fund program.
The bill would increase CDRLF funding from $1.5 million to $4 million. The Biden Administration proposed $2 million for the CDRLF, a figure that Credit Union National Association officials had endorsed.
The bill also calls for a $60 million increase for the Community Development Financial Institutions program. The bill includes $330 million for the CDFI program.
The bill is simply the first step in funding financial services programs in FY22. As is often the case, members of the subcommittee offered no amendments to the measure; those may be offered during the full Appropriations Committee markup.
During the markup, Republican members said they are concerned with the overall spending increases in the bill. “The overall funding level in the bill is simply too high, with many agencies receiving double-digit percentage increases,” House Appropriations Committee ranking Republican Kay Granger of Texas said.
She added, “After a year of staggering levels of spending and the pandemic now nearing an end, we should be looking for ways to address our growing national debt. Instead, this bill increases the size and reach of the federal government.”