Omnibus bill funds CU priorities, addresses CDFI concerns

Congress released the text of an omnibus bill Tuesday morning that would fund the federal government through Sept. 30, 2023 and contains several credit union priorities. The Senate is expected to take up the bill first, with a House vote before government funding expires Dec. 23.

The bill contains language directing the Treasury’s CDFI Fund to consider and address concerns raised by CDFIs and stakeholders. CUNA has strongly engaged with the CDFI Fund this year—including a recent meeting with CDFI Fund Director Jodie Harris—to alleviate concerns over certification status.

The bill does not contain the text of the Credit Card Competition Act, a troublesome interchange bill that CUNA, Leagues, and credit unions fought to exclude from any year-end legislation.

This year’s bill also prevents a House proposal to expand a postal banking pilot program. CUNA strongly opposed the program, believing credit unions are already in ideal position to meet the needs of the underserved.


continue reading »