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CUNA Regulatory Comment Call

December 14, 2000

EXECUTIVE SUMMARY

• The NCUA Board has issued an interim final rule on the Community Development Revolving Loan Program for Credit Unions (CDRLP). The comment period expires on February 20, 2001, and the interim rule is effective December 21,2000.
• The amendment allows NCUA to provide technical assistance to participating low-income credit unions directly or through outside providers selected by the credit unions themselves or by NCUA. Previously, NCUA rules required NCUA to contract with an outside provider. This provision was more restrictive than the authorizing statute.
• Credit unions may submit applications to receive funds from the CDRLP for 2001 at the fixed annual interest rate of 2 percent. This program makes below-market loans and technical assistance grants available to qualifying low-income credit unions. The purpose of the CDRLP is to allow low-income credit unions to provide basic financial services to residents in their communities that result in increased income, ownership and employment.
• Comments are due by February 20, 2001. Please submit your comments to CUNA by January 29, 2001. Please feel free to fax your responses to CUNA at 202-371-8240; e-mail them to Associate General Counsel Mary Dunn at mdunn@cuna.com or to Assistant General Counsel Michelle Profit at mprofit@cuna.com; or mail them to Mary or Michelle c/o CUNA's Regulatory Advocacy Department, 805 15th Street, NW, Suite 300, Washington, DC 20005. Please contact us if you need more information. You may also contact us if you would like a copy of the proposed rule or you may access it on the Internet at the following address: http://ncua.gov/RegulationsOpinionsLaws/proposed_regs/proposed_regs.html

1. Do you agree that technical assistance should be made more flexible so that technical assistance to participating credit unions may be provided by NCUA directly or through outside providers selected by the credit unions themselves or by NCUA? Please explain.
   
   

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