WASHINGTON—Legislation was approved Wednesday that includes provisions on CFPB funding and structure, and funding for low-income credit unions and small-business lending.
By voice vote, the House Appropriations Subcommittee on Financial Services and General Government approved the $21.7 billion 2017 fiscal year appropriations bill funding the Treasury Department, the Judiciary, the Small Business Administration and other related agencies. The bill now moves on to the full committee for review.
NAFCU reported that included in the bill is a provision it supported that would bring CFPB’s funding under the congressional appropriations process. The legislation also includes a change the trade association sought to change to the leadership structure of the bureau from a single director to a five-member commission.
NAFCU Vice President of Legislative Affairs Brad Thaler wrote the subcommittee leaders Tuesday to convey the association’s support for the CFPB provisions.
The appropriations bill also includes $250 million for the Community Development Financial Institutions Fund and $2 million for the Community Development Revolving Loan Fund, which helps low-income credit unions meet needs in economically distressed areas.
Also in the bill is $883 million for the SBA to help promote opportunities for American small businesses, NAFCU reported. The SBA funding includes full funding – $157 million – to support $28.5 billion in 7(a) small-business loans. Each SBA-guaranteed loan dollar from a credit union is excluded from its member business loan limit, allowing credit unions to make the most of their MBL authority.
In February 2015, NAFCU and the SBA inked an agreement aimed at getting more credit unions to increase their lending to member-small businesses through SBA micro-loan programs.