WASHINGTON–Included in the $1.2-trillion package of spending bills passed by the Senate over the weekend were two items that were priorities for Congress—and one item much opposed by credit unions that was not included.
The legislation, which keeps the government funded through the Autumn, is now headed to President Biden for his signature.
America’s Credit Unions noted that there were two provisions included in the package that it had supported:
- Updated CDFI Application. The agreement directs the CDFI Fund to provide a briefing no later than 60 days after the enactment of this Act on the rollout of the CDFI application for the fiscal year 2024 application period and feedback received from stakeholders, the trade group noted.
- Oversight Report. The SBA is directed to provide a comprehensive report no later than 120 days after the enactment of this Act on the oversight capabilities of the SBA in light of new non-traditional lenders entering the SBA's programs.
Not Included
In addition, although filed as an amendment to the package by Sen. Roger Marshall (R-KS), the credit union-opposed Credit Card Competition Act was not attached to the final measure. “America’s Credit Unions will continue to fight this misguided effort in order to ensure consumers have safe and reliable access to credit,” the organization said.
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