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

Congress

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.

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House Appropriators Approve Bill with CDFI Boost, Postal Banking Pilot

House

The House Appropriations Committee Wednesday approved an FY21 financial services spending measure that includes an $11.5 million boost for the Community Development Financial Institutions program. Voting 30-22, the committee approved the bill that would provide $273.5 million for the program in FY21. The bill also would provide the NCUA’s Community Development Revolving Loan Fund with $2 million in FY21. The program received $950,00 this year. Rep. Harold Rogers (R-Ky.) told the committee that the CDFI program has worked extremely well in areas of his district. The Trump Administration has proposed eliminating the program in each of its budgets. The report

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House Bill Includes $273.5 Million for CDFI Program for FY21

House

The House Financial Services Appropriations Subcommittee on Wednesday will consider FY21 spending legislation that would provide $273.5 million for the Community Development Financial Institution program.

That would represent an $11.5 million increase from this year’s total, but much less than program advocates wanted. Wednesday’s markup of the financial services funding bill is the first step in the FY21 CDFI appropriations process.

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