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NCUA opens 2010 CDRLF tech assistance program
ALEXANDRIA, Va. (4/8/10)—National Credit Union Administration (NCUA) Chairman Debbie Matz this week announced the start of the 2010 round of the Community Development Revolving Loan Fund (CDRLF) Technical Assistance Grant Program. For 2010, Congress appropriated $1.25 million in funds for technical assistance to the NCUA’s CDRLF, which provides loans and technical assistance to federal and state credit unions that are designated as a low-income credit union, as defined by NCUA regulations. State-chartered credit unions must have the equivalent low-income designation from its respective state supervisory authority alongside concurrence from the NCUA. The NCUA has allocated $300,000 each for financial education and partnership and outreach programs, with maximum grants of $15,000. Up to $150,000 will be made available for credit unions that wish to build their internal capacity, with $250,000 in funds being evenly split between volunteer income tax assistance and staff training. Also, $100,000 will be made available for building technology and internship and job creation, respectively, with $50,000 provided for capital planning. The NCUA also has “set aside some funds for Urgent Needs Grants to be used by eligible credit unions in cases of extreme necessity,” according to the release. The financial education, partnership, student internship and capital plan initiatives are new for 2010. Matz strongly encouraged credit unions that serve low-income memberships to “consider the advantages of CDRLF programs and apply for grants.” For the NCUA’s letter to credit unions and background information on the CDRLF program, use the resource links.
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