WASHINGTON—There are several items of interest to credit unions in the Financial Services and General Government (FSGG) and State, Foreign Operations, and Related Programs (SFOPS) legislation for FY25, according to America’s Credit Unions.
The FSGG bill has $276 million for the Treasury’s Community Development Financial Institutions (CDFI) Fund ($49 million less than President Joe Biden’s budget request); $3.42 million for the NCUA’s Community Development Revolving Loan Fund (CDRLF) (which the trade group noted is $0.58 million less than what President Biden requested); and $170 million for the Financial Crimes Enforcement Network ($46 million less than Biden’s request)
What’s Included
The House FSGG subcommittee has begun its markup. The bill also includes report language addressing several priorities supported by CUs, ACU said:
- Prohibiting Small Business Administration from expanding its direct lending program
- Replacing the CFPB Director with a bipartisan, five-person commission
- Prohibiting funds from CFPB’s rulemaking capping credit card late fees
- Prohibiting funds to be used to establish, design, or implement a U.S. Central Bank Digital Currency
SFOPS Bill
Meanwhile, the SFOPS bill allocates $18.5 million for the U.S. Agency for International Development’s Cooperative Development Program (CDP), the same enacted amount as the last several fiscal years, ACU said.
The SFOPS subcommittee has approved its bill.
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