WASHINGTON–The agenda in Washington this week will primarily affect credit unions indirectly, as a number of appropriations bills are up for debate and discussion.
The Fed is also meeting this week with the market watching to see if it will raise rates.
Among the many pieces of federal government funding to which credit unions are paying attention is the Community Development Financial Institutions (CDFI) Funding.
As CUToday.info reported here, funding for community development financial institutions is once again in the cross-hairs of the Trump Administration. Since President Trump was elected, the administration has put forward several proposals eliminating or sharply reducing funds for CDFIs, and in each case Congress has restored the funding or even increased it.
The House has now passed a package of measures aimed at reducing the federal deficit that among other steps rescinds $142 million from the Community Development Financial Institutions (CDFI) Capital Magnet Fund (CMF) program.
Both credit union trade groups are pressing Congress to again fully fund the CDFI Fund as part of the appropriations process.
Also On the Agenda
Also on the Washington agenda this week:
- The Senate Banking Committee today will consider the nominations of Richard Clarida to be vice chairman of the Federal Reserve Board and Michelle Bowman to be a member of the board
- Also beginning today, the Federal Open Market Committee will hold its meeting an decide the course of rates
- The House Financial Services Committee on Wednesday will hear testimony from Comptroller of the Currency Joseph Otting on financial industry regulation
- On Wednesday, a House Financial Services subcommittee will review legislative ways to ensure the effectiveness, fairness and transparency in securities law enforcement
- On Thursday, Comptroller Otting will make a return appearance to Capitol Hill, this time to testify before the Senate Banking Committee
- The Senate this week will be debating the National Defense Authorization Act (NDAA) for fiscal year 2019