Removing Barriers Blog

CUNA Sends Letters of Support for the Community Development Revolving Loan Fund
Posted June 16, 2017 by Chandler Schuette

Today, CUNA sent letters of support for the NCUA’s Community Development Revolving Loan Fund (CDRFL) to members of both the House and Senate Appropriations Committees.  The letter urges Congress to fully fund the CDRFL program at $2 million, which was zeroed out in the President’s proposed FY 2018 budget

The CDRLF assists credit unions serving low-income communities to: 

  • Provide financial services to their communities;  

  • Stimulate economic activities in their communities, resulting in increased income and employment; and to 

  • Operate more efficiently.  

CDRLF funds a revolving loan program and a technical assistance program. For the revolving loan program, CDRLF had outstanding loans of $9.1 million (25 loans outstanding to 25 credit unions) as of September 30, 2016. For the technical assistance program, the CDRLF made 309 technical assistance awards totaling $2.5 million in 2016 from the multi-year appropriations. 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. 

As the Congress appropriates money for the upcoming fiscal year, CUNA will continue its comprehensive plan to lobby the Senate and House Appropriations Committee to ensure funding for this important program.