Final Stimulus, Spending Bill Includes Big Boost for CDFIs, Extension of CLF Provisions

Congress is preparing to pass legislation that contains a $12 billion set-aside for the Community Development Financial Institutions program, and extensions of the Paycheck Protection Program, the Troubled Debt Restructuring provisions, and the pandemic-related provisions of the National Credit Union Administration’s Central Liquidity Facility. Congress is combining the coronavirus economic stimulus bill and the FY21 omnibus appropriations measure into one bill totally 5,593 pages.

Hood Asks Senate Banking Committee to Extend CLF Changes

During his testimony before the Senate Banking Committee, National Credit Union Administration Chairman Rodney Hood said the Share Insurance Fund remains strong and that the Central Liquidity Facility changes that are set to expire at the end of the year need to be extended. He said the CLF needs the increased borrowing authority to continue dealing with the economic problems arising from the pandemic.

House Members Push for Legislation to Extend Credit Union Provisions of Stimulus Bill

A group of House members is pushing their leaders to extend two provisions of coronavirus economic stimulus laws that the group says is crucial to the ability of banks and credit unions to help their customers and members weather the pandemic. Led by Rep. Danny Davis (D-Ill.), the group wants any future coronavirus legislation to include an extension of the temporary Troubled Debt Restructuring and the National Credit Union Administration’s Central Liquidity Facility provisions that were included in coronavirus economic stimulus legislation earlier this year. Both provisions are scheduled to expire at the end of the year and the House