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WASHINGTON – Community Development Credit Unions damaged by Hurricanes Katrina and Rita will benefit from a $150,000 donation the National Credit Union Foundation has made to help their rebuilding efforts. The money will be administered by the National Federation of Community Development Credit Union’s relief fund that it set up to coordinate CDCU recovery efforts and financing. “All of us on the Foundation Board recognize the critical role of community development credit unions in serving people of modest means,” observed NCUF Chairwoman Mary Cunningham, CEO of USA Federal Credit Union in San Diego. “Especially at a time when so many people are struggling to recover from Hurricane Katrina, they need strong credit unions to get their finances – and their lives – back in order.” Funding from this grant will be used for purposes that clearly address damage or expenses related to Hurricane Katrina. For CDCUs that suffered widespread damage, the grant funds may be used for limited-term general operating expenses or staff time. CDCUs will track and record the uses of all funds and will provide quarterly reports to the Federation, which will in turn report to NCUF. “We’re grateful to the National Credit Union Foundation for their support and partnership,” explained Federation Executive Director Clifford N. Rosenthal. “With their help we will be able to address not only the immediate needs, but also the vital task of returning CDCUs and other low-income credit unions to health.” In all, NCUF has disbursed a record $2 million in the two months since Hurricane Katrina struck on Aug. 29.

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