The House Financial Services Appropriations Subcommittee Wednesday approved an FY21 spending measure that calls for $273.5 million for the Community Development Financial Institutions program—less than what many credit unions wanted.
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.
As the coronavirus crisis drags on, the National Credit Union Administration board announced at its Thursday meeting that it will delay its phased-in reopening of the agency and approved a plan to explore expansion of virtual examinations of credit unions.
In a wish list sent to every office on Capitol Hill Tuesday, the Credit Union National Association renewed its call to allow expanded business lending by credit unions for one year to help businesses weather the coronavirus pandemic. A one-year exemption from the current Member Business Lending cap would open up some $5 billion for investment and could create as many as 50,000 jobs, CUNA said.
“We can do more.”
That was the message National Credit Union Administration board member Todd Harper delivered Thursday, as he outlined his preliminary plans to increase the importance of economic equality and justice in the credit union community.
The NCUA will now count military personnel in determining whether a credit union qualifies for the agency’s low-income designation.
Clashing with NCUA Chairman Rodney Hood, board member Todd Harper is asking Congress not to reduce credit union capital standards in response to the coronavirus crisis.
“Reductions in capital standards could ultimately lead to greater losses for the Share Insurance Fund, which all surviving federally insured credit unions would need to pay,” Harper wrote to leaders of the House and Senate committees with NCUA oversight powers.
Congress should expand the ability of all credit unions to serve underserved areas, NCUA Chairman Rodney Hood wrote this week, as he sent Senate Banking Chairman Mike Crapo (R-Id.) a list of legislative changes he believes will help the agency respond to the coronavirus crisis.