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News Now

Washington
CLF, CDRLF, CDFI Fund Spending Changes Are In Obama 2014 Budget
WASHINGTON (4/12/13)--The maximum loan limitation of the National Credit Union Administration's Central Liquidity Facility (CLF) would continue at its current fiscal 2013 level under the Obama administration's proposed budget for fiscal 2014. The CLF is authorized by the Federal Credit Union Act to lend up to 12 times its paid-in capital.

Under the Obama administrations proposed 2014 budget, funding for the NCUA's Community Development Revolving Loan Fund (CDRLF) program would fall slightly from 2013's funding total. The administration has requested $1.127 million for 2014. A total of $1.144 million in CDRLF funding was approved in the 2013 budget. The CDRLF provides loans and technical assistance to federal and state credit unions that are designated as low-income credit unions, as defined by NCUA regulations. Last August, the NCUA awarded $1.4 million in technical assistance grants to just over 100 small credit unions through the CDRLF.

Funding for the U.S. Treasury's Community Development Financial Institutions (CDFI) fund would be increased under the Obama budget plan, totaling $224.9 million. That fund received $210 million in government backing for fiscal 2013.

The CDFI Fund late last year said it expects to provide up to $165 million to eligible financial institutions in 2013. The fund helps locally based financial institutions--including credit unions--offer small business, consumer and home loans in communities and populations that lack access to affordable credit. Credit unions that are certified to take part in the CDFI program may apply for as much as $2 million in funding to help maintain their credit union's presence in the community.


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