ALEXANDRIA, Va. -- Piggybacking on the hearing on serving the underserved (see page 1 to 34), NCUA issued a letter to credit unions (07-CU-04) explaining the ins and outs of applying for loans and technical assistance grants through the Community Development Revolving Loan Fund.

The agency, it said, did received $940,500 for 2007 in technical assistance grants. To receive funds from the CDRLF, credit unions must be designated low-income according to NCUA's rules or the equivalent for state-chartered credit unions and concurrence from NCUA.

This year's NCUA TAG initiatives include:

oBuilding Internal Capacity Initiative;

oEnhancing Member Services Initiative;

oStaff, Official, and Board Member Training Initiative;

oStudent Internship Initiative; and

oVolunteer Income Tax Assistance (VITA) Initiative.

In addition, NCUA has set aside limited funds for the Urgent Needs Grant, to be used by eligible credit unions in cases of extreme necessity. NCUA's TAGs are reimbursable grants, but, to be reimbursed, credit unions must receive prior approval of the proposed expenditures.

Guidance is attached to NCUA's letter addressing issues such as grant amounts, grant allocations by type, and application procedures.

Guidelines for each CDRLF program can be found on the NCUA Web site (www.ncua.gov) under the Credit Union Development heading.