WASHINGTON--The House Appropriations Subcommittee on Financial Services and General Government advanced its FY26 bill with credit union-supported funding included, clearing it for consideration by the full House Appropriations Committee, America's Credit Unions reported.
America’s Credit Unions and the Defense Credit Union Council pushed for funding the Treasury’s Community Development Financial Institutions (CDFI) Fund and NCUA’s Community Development Revolving Loan Fund (CDRLF), which were both zeroed out in the White House’s budget proposal.
The CDFI Fund provides grant awards to support affordable housing, homeownership, small business growth, sustainable job creation, and consumer financial security through public-private partnerships. The subcommittee funds it at $276.6 million for FY26. The CDRLF is administered by the NCUA and provides revolving loan and technical assistance grant programs to low-income credit unions. The subcommittee funds it at $3.4 million for FY26, ACU noted.
Both ACU and DCUC sent letters in advance of the markup, calling for Congress to appropriate funds at their FY25 levels.
ACU noted the bill also contains credit union-supported language to prohibit the Federal Reserve from issuing a central bank digital currency.