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CDRLF final changes on NCUA agenda
ALEXANDRIA, Va. (10/21/11)—A final rule on Community Development Revolving Loan Fund (CDRLF) access for credit unions is one of two items on the agenda of next week’s October National Credit Union Administration (NCUA) board meeting. The NCUA earlier this year released a proposed rule that would change the CDRLF rule's low-income credit union (LICU) designation criteria to use "median family income" in the standard for LICU determination instead of "median household income." The NCUA at that time said that the CDRLF changes would likely increase loan demand "due, in part, to reduced program burdens on participating credit unions, thereby enhancing the provision of basic financial services for low-income households." Overall, the CDRLF changes are meant to improve transparency and ease credit union use of the fund and improve the process through which credit unions may apply for loans and technical assistance grants from the CDRLF. The proposed changes also clarify the application process, and add reporting and monitoring requirements. CUNA in a July comment letter urged the agency to minimize reporting and monitoring burdens on "low-income" credit unions seeking CDRLF assistance by using existing reports whenever possible, and suggested that the NCUA also develop a list of permissible CDRLF loan uses and increase the CDRLF’s maximum loan limit beyond the current limit of $300,000. The monthly insurance fund report will also be presented during the open portion of the board meeting. The closed portion of the NCUA's meeting will feature a merger request and consideration of supervisory activities. For the full NCUA agenda, use the resource link.
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