House Appropriations Committee clears FY27 financial services bill

The House Appropriations Committee advanced its FY27 Financial Services and General Government (FSGG) bill Wednesday following a two-day markup. The bill contains America’s Credit Unions-supported language to bar the Federal Reserve from issuing a central bank digital currency.

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 has called for Congressional appropriators to maintain or increase funding for the CDFI Fund and CDRLF in FY27, including a letter to the Senate Appropriations Committee sent this week. The organization will continue to advocate for full funding as bills work through both chambers.