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News Now

Washington
CDRLF CLF CDFI funding proposed for 2013
WASHINGTON (2/14/12)--The maximum loan limitation of the National Credit Union Administration's (NCUA) Central Liquidity Facility (CLF) will continue at its fiscal 2012 level under the Obama administrations proposed budget for fiscal 2013. The CLF is authorized by the Federal Credit Union Act to lend up to 12 times its paid-in capital.

Under the Obama administrations proposed 2013 budget, funding for the NCUAs Community Development Revolving Loan Fund (CDRLF) program would fall slightly from 2012's funding total. The administration has requested $1.19 million for 2013. A total of $1.25 million in CDRLF funding was approved in the 2012 budget. The CDRLF provides loans and technical assistance to federal and state credit unions that are designated as low-income credit unions, as defined by NCUA regulations.

The CDRLF held 49 total loans to 44 credit unions, totaling $3.5 million in outstanding loans, in its portfolio as of Sept. 30, 2011, and the CDRLF awarded 188 technical assistance grants, totaling just over $1 million, last year. Assets in the CDRLF, including interest earned and appropriations, totaled $17.5 million as of Sept. 30, 2011.

Funding for the U.S. Treasury's Community Development Financial Institutions (CDFI) fund would hold steady in 2013, matching the 2012 budget's funding level of $221 million.

The administration's budget will be the subject of several hearings, as administration officials appear before the Senate Budget Committee, Senate Finance Committee, House Ways and Means Committee, and House Budget Committee hearings this week.


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