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Johnson Urges Louisiana Credit Unions to Get TAG-ged

NEW ORLEANS - NCUA Chairman JoAnn Johnson recommended low-income designated credit unions take advantage of the extra appropriations the agency received this year for technical assistance grants (TAGs). Johnson told attendees of the Louisiana Credit Union League's 70th Annual Meeting June 26 to hurry up and grab the money they...

By Staff Writer | Updated on July 06, 2004

NEW ORLEANS – NCUA Chairman JoAnn Johnson recommended low-income designated credit unions take advantage of the extra appropriations the agency received this year for technical assistance grants (TAGs). Johnson told attendees of the Louisiana Credit Union League’s 70th Annual Meeting June 26 to hurry up and grab the money they are eligible for before it slips away. Under the Community Development Revolving Loan Fund program, NCUA has initiated several specific TAG programs with funds earmarked for financial literacy, homeownership, enhanced technology, training and other programs, in addition to the general fund. NCUA is hosting a toll-free teleconference July 6 on TAGS for credit unions as well. In the previous two fiscal years, Congress had appropriated $1 million to NCUA for the CDRLF program with approximately $350,000 going toward grants. Prior to that, grants were simply based on the earnings from the low-interest loans from the CDRLF. Congress allotted $1.2 million for the program for fiscal year 2004 with a full $1 million going to grants. The CDRLF, which still holds about $700,000, must disburse all those funds before the fiscal year ends September 30, 2004 or lose them.

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