Chart from the NCUA's report to Congress on the CDRLF in 2020.
The NCUA released a new report on Tuesday to show the positive impact the Community Development Revolving Loan Fund (CDRLF) has had on low-income credit unions, its members and communities across the U.S. in 2020.
The report was an attempt by NCUA Chairman Todd Harper to convince members of Congress to have an open dialogue with him about increasing the amount of the CDRLF appropriations in 2022.
The report stated that grants and loans supported by the NCUA's CDRLF appropriation have a significant, positive impact on credit unions, their members and their communities. Credit unions use these funds to improve and expand services and member outreach, which promotes greater financial inclusion. They also employ funds in other areas like staff training and cybersecurity, which improves overall safety and soundness.
"Since its creation, the Community Development Revolving Loan Fund has been an efficient and effective program for targeting public resources to do public good," Harper said.
Todd Harper (Source: NCUA) He continued, "Because demand regularly exceeds the amount of available funds for these grants, and because low-income credit unions are more likely to serve communities disproportionately impacted by COVID-19, I urge Congress to increase appropriations for CDRLF grants in 2022. With more funding, the agency could increase the number of credit unions receiving grants and increase the size of the grants it makes, deepening the program's impact in underserved communities."
According to a news release from the NCUA, in 2020, the NCUA devoted nearly all its CDRLF efforts to help credit unions and their members meet the significant challenges posed by the COVID-19 pandemic. "Overall, the NCUA received 432 technical assistance grant and loan requests for a total of $7.6 million. The agency's funding capacity allowed it to only award $3.7 million in technical assistance grants and loans to 165 credit unions. Additionally, the NCUA awarded 149 credit unions in 42 states and the District of Columbia more than $968,000 in urgent need grants," the statement read.
Congress created the CDRLF to stimulate economic development in low-income communities served by credit unions. Low-income-designated credit unions looking for CDRLF grants in 2021 can apply to the NCUA by June 26.
The NCUA provides grants and loans to low-income-designated credit unions that use this funding to improve and expand services to members, build capacity and stimulate local economic activity. Although relatively small in size, these grants make a big difference to low-income and minority credit unions working to provide more and better services to their members and communities.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
