The Office of Management and Budget (OMB) rescinded its memo on the administration’s order to halt federal funds, grants, and loan disbursements Wednesday. Instead, it will seek to implement the funding freeze through coordination between OMB and each agency’s general counsel.

The OMB’s action does not stop the administration’s original order to freeze certain federal funds. However, a federal judge in Washington, D.C. has temporarily blocked implementation of the memo. The memo would impact the Small Business Administration 7(a) program, Community Development Financial Institution Fund, NCUA’s Community Development Revolving Loan Fund, and Greenhouse Gas Reduction Fund, among other programs. 

America’s Credit Unions’ Compliance Blog addressed the potential impact of the original order, issued Monday, before it was blocked and rescinded.