CUNA Letter to Senators Christopher Bond, Ted Stevens, Barbara Mikulski; Representative James Walsh, Alan Mollohan and Bill Young regarding Community Development Revolving Loan Fund (CDRLF)
April 28, 2004
On behalf of the Credit Union National Association (CUNA) and America's nearly 85 million credit union members, I am asking for your help in providing an increase in funding for the Community Development Revolving Loan Fund (CDRLF) for FY2005.
In FY2004, the CDRLF was funded at $1.2 million ($1 million in technical assistance grants and $200,000 in loans). CUNA and its member credit unions strongly support an increase in this fund to a minimum of $2 million, the amount requested by the National Credit Union Administration (NCUA). The CDRLF plays a vital role in underserved communities by providing loans and technical assistance grants to credit unions, enabling credit unions to enhance their technologies in order to provide increased products and services.
The CDRLF also plays an essential role in the success of NCUA's Access Across America program, which aids underserved communities and creates economic empowerment for lower-income individuals. By offering affordable financial services in distressed communities, credit unions provide a safe and reliable alternative to predatory check cashers, pawnshops and title loan companies.
Therefore, I am asking for your leadership in securing a funding level of $2 million for FY2005 to enable the CDRLF program to provide continued growth and sustainability for credit unions in underserved communities.
Thank you for your consideration of this issue.
Daniel A. Mica
President & CEO