Comments on the NCUA’s proposed rule regarding the Community Development Revolving Loan Fund (CDRLF) are due to the agency by Aug. 22. While the proposal consists of technical changes, CUNA would like credit unions to contact them with any concerns with the proposal by July 25.
The fund provides technical assistance grants and loans to low-income designated credit unions. It also serves as a source of funding to help low-income credit unions respond to emergencies arising in their communities.
Proposed at the NCUA’s June board meeting, the rule is designed to make CDRLF regulations more succinct by eliminating unnecessary processes, adopting current practices, and updating it to improve its transparency, organization and ease of use by credit unions.
The proposal would also remove the maximum aggregate loan amount of $300,000 for CDRLF loans.