WASHINGTON — NCUA's Community Development Revolving Loan Fund program received more appropriations from the House than it had even requested based upon Chairman JoAnn Johnson's testimony from an earlier congressional hearing.

According to NCUA Director of Public and Congressional Affairs John McKechnie, the agency had requested $940,000, in line with the administration's recommendation. However, the CDRLF was pumped up to $1 million by a House Financial Services Appropriation Subcommittee; until the last couple of years, the CDRLF had received at least $1 million.

A report accompanying the appropriations bill stated, “The need to promote the importance of saving in financial institutions was identified by the Chairman of the Board of the National Credit Union Administration (NCUA), and by the Director of the CDFI Fund, who testified that 'if you spend 10 hours with a young person on financial education, it sets them on a path that will do them well for their entire life . . .'”

Johnson testified on 'Financial Services to Disadvantaged Communities' before the subcommittee on March 1.

The $1 million appropriation has passed the House is awaiting Senate action.