WASHINGTON--The House Appropriations Committee advanced its FY27 Financial Services and General Government (FSGG) bill Wednesday following a two-day markup, America’s Credit Unions reported, adding the bill contains language to bar the Federal Reserve from issuing a central bank digital currency, which the trade group has supported.
The bill funds the Treasury’s Community Development Financial Institutions (CDFI) Fund at $276.6 million, a reduction from FY26 but more than the $119.5 million in the White House’s budget proposal.
It also contains $3.4 million for NCUA’s Community Development Revolving Loan Fund, which provides grants to credit union serving low-income areas.
America’s Credit Unions and the Defense Credit Union Council have called for Congressional appropriators to maintain or increase funding for the CDFI Fund and CDRLF in FY27.