House FSGG Bill Advances With CBDC Ban, Higher CDFI Funding Than White House Sought
By CU Today Staff —
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.
Originally reported by CU Today.