ALEXANDRIA, Va. – Though NCUA's regulatory and insurance functions are fully funded by the credit union industry, each year the agency goes to Congress to fight for a small appropriation to lend a helping hand to its low-income designated credit unions.
NCUA has historically asked for around $1 million for either low-interest loans or grants or both for its Community Development Revolving Loan Fund. However, in the last couple years, with the federal government tightening its belt, NCUA has asked for, and received, a bit less money. For fiscal year 2007, the appropriations request is around $941,000.
That is not to say the fund will have any trouble doling out the dough. April's profit alone to the CDRLF on its loans was $42,474.45 with a year-to-date total of $105,956.26. Total assets of the CDRLF are $16.3 million with liabilities of $588,553.26 and equity of $15.7 million as of April 30, 2006.
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