NCUA released its report on the Community Development Revolving Loan Fund (CDRLF) to Congress Tuesday. NCUA Chairman Todd Harper also requested Congress consider increasing the fund’s appropriation for FY2022.
The CDRLF assists credit unions serving low-income communities to provide financial services, stimulate economic activities and operate more efficiently. It was appropriated $1.5 million last fiscal year, and is at $2 million in the budget proposal released last week by the Biden Administration.
NCUA received 432 technical assistance grant and loan requests last year, for a total of $7.6 million. The agency’s funding capacity allowed it to only award $3.7 million in technical assistance grants and loans to 165 credit unions.
Additionally, the agency awarded 149 credit unions in 42 states and the District of Columbia more than $968,000 in urgent need grants.