House Financial Services Committee votes to pass Maloney bill increasing available funding for a wide range of community development

Sep 16, 2008
Press Release
Today the House Financial Services Committee passed H.R. 6642, the National Consumer Cooperative Bank (NCB) Act Amendments of 2008. Introduced by Rep. Carolyn Maloney (D-NY), this bill makes the non-profit subsidiary of the NCB—NCB Capital Impact—eligible to receive funding under the Community Development Banking and Financial Institutions Act of 1994, which is administered by the CDFI Fund. Rep. Maloney said, “In New York City, NCB Capital Impact has played a significant role in providing housing finance—more than 600 loans in my district alone. Most of these loans are for construction of affordable housing and community facilities and non-profit organizations such as the Council of New York Cooperatives and Condominiums.

“Together, these groups and facilities provide crucial services to high-needs communities. This technical amendment to the statute will allow NCB Capital Impact to continue to provide services to distressed and underserved communities in New York and throughout the country. I thank the members of the Financial Services Committee and its Chairman, Barney Frank, for their support.”

The National Consumer Cooperative Bank was created by Congress in 1978 and is dedicated to strengthening communities nationwide through the delivery of banking and financial services. The Act that created the NCB also established a non-profit subsidiary, NCB Capital Impact, to reach further into low-income communities and to serve disadvantaged populations. The amendments passed today change the Act to specify that NCB Capital Impact is eligible for CDFI funding.

Full text of the bill is viewable at: https://www.congress.gov/cgi-lis/query/z?c110:H.R.6642.

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