WASHINGTON-For the first time since its inception, NCUA'sCommunity Development Revolving Loan Fund could receive an infusionof more than $1 million from Congress. Prior to Congress'adjournment a compromise omnibus appropriations bill, which has yetto be passed in either chamber of Congress, was worked out thatincluded $1.2 million in funding for the CDRLF, up from the typical$1 million. Of those funds $1 million has been earmarked for grantsand $200,000 for loans. “I'm ecstatic about the increase in CDRLFfunding,” NCUA Chairman Dennis Dollar exclaimed. He explained thatsince he has become chairman, the agency has sent a letter tomembers of Congress when a credit union in their district receivesa grant from the CDRLF, which has raised the program's profile onCapitol Hill. He added that sometimes the lawmaker's office willask if they can call the credit union to notify them of the funds.CDRLF grants are typically under a few thousand dollars and loansare under $100,000, Dollar said. This year, NCUA had to turn downnearly $1 million in grants for lack of funds. He said he hopes thepublicity of the greater appropriation will bring more requests.Dollar recalled one credit union CEO he talked to who had receiveda CDRLF grant. She said that without the $3,000 grant the smallcredit union received, they could never have sent two staffers to aweek-long lending school. The CEO said the credit union had alreadymade 15-times the amount of the grant on their loan program. Shepromised to write her senator, Debbie Stabenow (D-Mich.), to makeher aware of the good the CDRLF funds do. Credit unions' CentralLiquidity Facility was provided the same $1.5 billion borrowingauthority that it has had since Y2K. Additionally, the billprovided for $61 million in funding for Treasury's CommunityDevelopment Financial Institutions Fund (See news brief onpage.12). -

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