Big Win for CDFI Credit Unions in the Senate

A short time ago the Senate took a procedural vote on HR 3, the rescission package.  It failed 48-50.  The Senate has until June 22 to address this legislation.  There is potential for another procedural vote this week, but it is our understanding is this issue is now closed. As you’ll remember, H.R. 3 passed the house on June 7th with a 210 to 206 vote. If it were to pass, the U.S. Department of Treasury would face some of the biggest cuts. According to the OMB, the agencies would absorb the cuts disproportionately in fiscal 2019, before gradually lessening until 2028. Treasury’s Capital Magnet Fund, would see its outlays reduced by $141 million. We will continue to monitor action on this bill and engaging our CDFI credit unions.

Additional good news for our CDFI credit unions, earlier this week the Senate Appropriations subcommittee on financial services and general government (FSGG) passed its fiscal year 2019 bill today.  The legislation includes full funding for the Treasury’s CDFI Fund, similar to the House Appropriations Committee which approved $216 million for the CDFI Fund last week and the Senate Appropriations Committee is expected to markup the FSGG bill tomorrow.

Posted in Advocacy on the Move.