WASHINGTON-The Senate Appropriations Committee has approved funding for NCUA's low-income grant program and Central Liquidity Facility, as well as Treasury's Community Development Financial Institutions Fund Program. On July 21, the committee approved $950,000 for Community Development Revolving Loan Fund grants, as NCUA had requested. The agency has two years to dole out the grants. NCUA did not request any money to be allocated for loans because it has plenty in reserve. The CLF was granted a $1.5 billion borrowing authority, as it has in recent years. With Y2K looming, the cap of the CLF borrowing authority was removed but has sat at $1.5 billion since. The CLF was also appropriated $323,000 in administrative expenses. Additionally, the appropriations committee approved $55 million for the CDFI program, which credit unions often obtain funds from for community development projects. The House previously approved H.R. 3058, which included the same provisions for these programs.
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article.
From the August-03, 2005 issue of Credit Union Times Magazine • Subscribe!
Senate Appropriations Clears CDFI, CDRLF, CLF Funding
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!
Comments
Resource Center
View All »
Measure and Monitor the Risks and Opportunities in Loan Portfolios
Get a complimentary demo of our loan portfolio analytics and access to the white paper,...
