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News Now

Washington
House appropriations bill could increase CDRLF funding
WASHINGTON (7/16/09)--Credit Union National Association (CUNA) President/CEO Dan Mica on Wednesday thanked Rep. Alcee Hastings (D-Fl.) for adding to the House Financial Services and General Government Appropriations Bill an amendment that would increase funding for the Community Development Revolving Loan Fund (CDRLF) to $1.25 million for the 2010 fiscal year. The National Credit Union Administration (NCUA) in May requested $1 million in funding for the CDRLF for 2010. The amendment, which would add $250,000 to the CDRLF’s current level of funding, was offered as part of a manager’s amendment to the appropriations bill. That bill is expected to pass the House Rules Committee during a vote to be held later today. The CDRLF, which is administered by the NCUA’s Office of Small Credit Union Initiatives, provides low-interest loans and technical assistance grants to low-income designated credit unions. These small credit unions are then able to offer services like free income tax preparation and financial literacy classes to their members.


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