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TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CDRLF grants process open for business
ALEXANDRIA, Va. (4/23/09)—There will be $975,000 worth of grants and loans for qualified credit unions this year through the National Credit Union Administration’s (NCUA) Community Development Revolving Loan Fund (CDRLF) Technical Assistance Grant Program, and the awards process starts now. The funds were approved as part of the Obama administration’s spending package signed into law in March. The CDRLF was established by Congress in 1979 to support credit unions that serve low-income communities. Federal credit unions wishing to participate in the CDRLF’s programs must be designated as a low-income credit union, as defined by NCUA regulations. State-chartered credit unions must have the equivalent low-income designation from its respective state supervisory authority and concurrence from NCUA. In a recent Letter to Credit Unions (09-CU-09), the NCUA noted this year’s technical assistance grant initiatives are:
* Building capacity, building technology; * Enhancing member services; * Staff, official, and board member training; * Student Internship; and * Volunteer Income Tax Assistance (VITA).
The NCUA noted additionally it has set aside funds for Urgent Needs Grant, earmarked for eligible credit unions in cases of extreme necessity. Use the resource link below to access 2009 TAG guidelines, as well as to read the NCUA letter.
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