WASHINGTON–President Trump has signed a $1.3-trillion omnibus spending bill that includes a number of credit union priorities.
Although he said he was doing so reluctantly and that he would never do so again, Trump signed the 2,232-page bill into law, providing funding to keep the federal government operating through September. The bill includes pay raises for some members of the nation’s military that credit unions serving those defense personnel should soon start seeing.
The bill also includes full funding of $250 million for the Treasury Department's Community Development Financial Institutions (CDFI) Fund and $2 million for the NCUA's Community Development Revolving Loan Fund (CDRLF), both of which had the backing of the credit union trade groups. NAFCU and CUNA have argued that the funds ensure credit unions can continue to provide financial stability for low-income members and their families, as CDFI credit unions predominantly serve low-income areas and are often the only financial services option.
"We thank appropriators and congressional leadership for recognizing the importance of the CDFI Fund and the CDRLF program," said NAFCU Vice President of Legislative Affairs Brad Thaler in a statement. "NAFCU has worked to obtain full funding of these programs so that credit unions can continue to take advantage of their benefits for their members in underserved areas, and we are pleased to see Congress agree in the omnibus allocations."
The spending bill also authorizes the National Flood Insurance Program (NFIP) through July 31, and increases the cap on Small Business Administration loan programs: 7(a) loans have a cap of $29 billion, and 504 loans have a $7.5 billion cap.