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News Now

Washington
NCUA requests CLF CDRLF FY 2010 funding
ALEXANDRIA, Va. (5/12/09)-- The National Credit Union Administration (NCUA) has requested $1 million in funding for its Community Development Revolving Loan Fund program (CDRLF) for 2010, which is the same level appropriated for FY 2009. The program is used to provide low-interest loans and technical assistance grants to low-income designated credit unions. These small credit unions offer services like free income tax preparation and financial literacy classes. Within NCUA, the Office of Small Credit Union Initiatives administers the fund. The NCUA has also requested that Congress approve a continuation for 2010 of the removal of the borrowing cap for the Central Liquidity Facility (CLF). That action would, in effect, mean the CLF could borrow and lend approximately $41.5 billion in liquidity for credit unions. Credit unions operate under a three-tiered approach for their liquidity needs. Credit unions can access the CLF, as a back-up liquidity provider, when corporate credit unions and other correspondent funding is unavailable. The higher funding level for the CLF in the upcoming year is particularly important because the facility has been tasked by NCUA to mitigate the effects of the housing crisis on corporate credit unions, natural person credit unions, and individual credit union members. The appropriations request must be approved by both house of the U.S. Congress to become law.


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