Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Improve CDRLF rules by streamlining CUNA
WASHINGTON (7/27/11)--The Credit Union National Association (CUNA) supports efforts to improve the process for “low-income” credit unions to apply for loans and technical assistance grants from the Community Development Revolving Loan Fund (CDRLF) and offered suggestions to streamline the process of applying for loans and grants. In a comment letter sent Monday, CUNA’s urged the National Credit Union Administration (NCUA) to minimize reporting and monitoring burdens on “low-income” credit unions seeking CDRLF assistance by using existing reports whenever possible. The CUNA letter said the NCUA’s proposed rule change aimed at reorganizing CDRLF regulations should also provide greater flexibility in terms and conditions. Recommended changes include:
* A non-exhaustive list of permissible loan fund uses, such as developing new products or community partnerships; * An increase in the maximum loan limit, currently set at $300,000; * A reference to the CDRLF Interest Rate Policy and a specific interest rate on the notice of funding; and, * Removal of the current requirement for matching funds.
CUNA expressed concern that requiring financial projections would increase the cost of seeking CDRLF assistance. But CUNA offered support for the removal of the current requirement for a Community Needs Plan, which would be replaced by a narrative on the intended uses of funds.


RSS print
News Now LiveWire
NCUA re-schedules start of tomorrow's closed meeting to 9 a.m. ET. Open meeting still at 10 a.m. ET.
14 hours ago
.@lisamurkowski @SenatorEnzi @SenJohnBarrasso are latest to weigh in on NCUA risk-based capital proposal. See #NewsNow tomorrow for more
14 hours ago
Now up on News Now: Fed stays course on taper, interest rates http://t.co/6DntsW58vA
17 hours ago
Positive performance indicators and the potential for rising interest rates in @TheNCUA 's latest economic update. http://t.co/yptPbIGvnU
19 hours ago
The @CFPB has launched a nationwide effort to provide financial education. http://t.co/sF3FXHpv3k
20 hours ago