The Senate recently voted against a bill that would rescind millions from programs financed by the Treasury’s Community Development Financial Institutions Fund. The package proposed to claw back funding previously appropriated to the Capital Magnet Fund and the Bank Enterprise Award program.
Numerous trade groups representing banks and credit unions expressed opposition to an original plan to rescind even more money and reiterated their disapproval regarding the revised version.
Read on to find out more details about the bill and the programs it would have impacted.