Dollar Doubles CDRLF Request to $2 Million

ALEXANDRIA, Va.-NCUA Chairman Dennis Dollar requested an additional $1 million over last year’s government appropriation for the Community Development Revolving Loan Fund, bringing the total request to $2 million. In the same request, he asked for the usual $1.5 billion borrowing authority for the Central Liquidity Facility, but slightly reduced operational expenses. Following the logic that the CDRLF fits with President Bush’s goals, Dollar emphasized in written testimony to the House Appropriations Veterans Affairs, Housing and Urban Development and Independent Agencies Subcommittee that the additional funds “could provide the CDRLF program even greater ability to further the growth and long-term viability of credit unions in low-income and underserved areas.” For over 13 years, NCUA has administered the CDRLF, providing more than 217 loans totaling $32.8 million. In time, Congress has increased the funds available for CDRLF loans to $13 million. Additionally, to date, the CDRLF technical assistance grant program has provided more than 1,000 grants totaling $2.4 million. “The CDRLF plays a vital role in the success of Access Across America, which is designed to reach out to underserved communities and create economic empowerment for people from all walks of life,” the written testimony stated. In 2002, NCUA was only able to approve $2,329,000 in loans of $7,007,000 in requests. In addition, the agency provided $664,314 in technical assistance grants but received requests for $1,618,843, turning down nearly $1 million in requests. The technical assistance grants are used to garner services and products through enhanced technology for low-income designated credit unions.