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NCUA makes 1.74M available for small CU assistance
ALEXANDRIA, Va. (6/15/11)--The National Credit Union Administration (NCUA) will make $1.74 million in funds available to low-income credit unions during the 2011 edition of its Community Development Revolving Loan Fund (CDRLF) Technical Assistance Initiative. The initiative aims to help low-income credit unions “improve the quality and quantity of financial services to their members,” and NCUA Chairman Debbie Matz in a release strongly encouraged all low-income designated credit unions “to consider the advantages of CDRLF programs and apply for technical assistance.” Congress appropriated $1.25 million in funds to this CDRLF initiative in 2010. $1.25 million was also appropriated by Congress for this 2011, and the NCUA elected to add about $500,000 of its own CDRLF money. Matz said that the funding was increased for 2011 due to heightened demand last year. Matz in the release paid particular attention to the agency’s Financial Education and Financial Literacy in Schools Initiative, noting that funds from that initiative could be used to reimburse credit unions “for collaborative functions with schools, community organizations, and other financial institutions to broaden the delivery of financial literacy and financial education training.” Matz added that the maximum allocation for the NCUA’s Urgent Needs Initiative, which covers expenses incurred during natural disasters or other unexpected events, has been increased to $7,500. The maximum allocation in 2010 was $5,000. A total of $400,000 is being made available for these requests. Up to $400,000 will be made available for credit unions that wish to build their internal capacity, and $600,000 in CDRLF funds will be evenly split between volunteer income tax assistance, internships and job creation, and staff training initiatives. $300,000 will be available for community outreach and partnerships. The Credit Union National Association (CUNA) supports the CDRLF program, and has said that increasing CDRLF funding “will enhance the growth and long-term viability of credit unions in underserved and low-income communities.” For the NCUA's letter to credit unions and background information on the CDRLF program, use the resource links.
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