WASHINGTON-Federal Reserve Board Governor Edward Gramlich, the chairman of the National Reinvestment Corporation, explained that credit unions and the NRC have common goals that can lead to progress in affordable housing. NCUA Board Member Debbie Matz serves as NRC's vice chair. The federal government gives the NRC $100 million dollars a year and the national board, which Gramlich and Matz sit on, sets the overall policy. Those funds are disbursed as grants to local programs across the country, which are leveraged into $2 billion of housing assistance through grants from credit unions and other financial institutions, cities, and Community Reinvestment Act obligations. For right now, the effort has mainly been focused in urban areas. But, "There's no reason this type of operation couldn't spread to rural areas," Gramlich explained. He noted that Montana's program is statewide because of the vast rural area. NRC has also begun expanding its financial literacy efforts beyond lending counseling, according to Gramlich. Additionally, NRC is studying how foreclosures happen and how to prevent them. Gramlich said he would like to see more government agencies get involved and thanked Matz for her work with NRC.