NCUA's Johnson Announces 2005 TAG Program for LICUs

ALEXANDRIA, Va.-NCUA Chairman JoAnn Johnson recently announced the 2005 Community Development Revolving Loan (CDRLF) Fund Technical Assistance Grant Program. “In 2005, nearly 1,000 low-income designated credit unions have a tremendous opportunity to receive grant funding, to improve efficiency of credit union operations, enhance staff training, as well as provide a myriad of outreach initiatives for their membership,” Johnson stated. Categories of grants range from `urgent needs’ to student internship initiatives to the Volunteer Income Tax Assistance program. Last year, Congress appropriated $1 million to the CDRLF for 2005, $800,000 of which is designated for TAGs and $200,000 is allocated for low-interest loans. “Congress recognizes the vital role of America’s credit unions in serving Americans from all walks of life with access to convenient and affordable financial services,” Johnson said. “These funds are available to significantly enhance the viability of low-income designated credit unions in serving more underserved neighborhoods that are left behind to predatory lenders and other unscrupulous financial outlets.” Low-income designated credit unions can apply for the TAG grants through NCUA’s Office of Small Credit Union Initiatives or the appropriate regional office.