NCUA issues funding request to congress for CDRLF program

by David Baumann, CUCollaborate

Stating that the National Credit Union Administration (NCUA) each year receives grant requests that exceed available resources, board Chairman Todd Harper is requesting that Congress provide $4 million in FY23 for the Agency’s Community Development Revolving Loan Fund (CDRLF) program.

“With additional resources, the NCUA could provide broader and deeper support for credit unions’ efforts to modernize services, build capacity, and expand their reach to underserved people and communities,” Harper wrote, in the annual CDRLF report to Congress. “We would offer more grants, larger grants, and find more ways to assist these credit unions in fulfilling their missions.”

The Biden Administration has requested that Congress provide $4 million for the program next year. During the current fiscal year, Congress provided $1.5 million for the program.

The NCUA received 283 grant applications totaling $4.7 million this year, with Harper emphasizing no appropriated funds are used in managing the program.

 

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