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NCUA Has $950,000 Available for CU Grants

ALEXANDRIA Va. - NCUA has $950,000 available for credit unions that have been designated "low-income" credit unions. The CUs can use the money to fund different programs to reach out to underserved people. Congress appropriated the money for the Community Development Revolving Loan Fund, a program which has been under...

By Staff Writer | Updated on March 07, 2006

ALEXANDRIA Va. – NCUA has $950,000 available for credit unions that have been designated “low-income” credit unions. The CUs can use the money to fund different programs to reach out to underserved people. Congress appropriated the money for the Community Development Revolving Loan Fund, a program which has been under fire from the Bush Administration for not performing adequately. “I commend Congress for acknowledging credit unions’ important mission of helping hard working people across America achieve their financial dreams,” said JoAnn Johnson, chairman of the NCUA Board. “I am confident that the CDRLF grant initiatives will contribute to the safety and soundness of low income credit unions and will stimulate economic growth. I encourage qualifying credit unions to explore the CDRLF program as another way to serve as a reliable financial partner to their members.” Money has been set aside to fund efforts to introduce college students to credit unions, run volunteer income tax sites, conduct staff and board member training, as well as to conduct financial outreach and education as well as to build capacity.

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