WASHINGTON — NCUA's Community Development Revolving Loan Fundprogram received more appropriations from the House than it hadeven requested based upon Chairman JoAnn Johnson's testimony froman earlier congressional hearing.

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According to NCUA Director of Public and Congressional AffairsJohn McKechnie, the agency had requested $940,000, in line with theadministration's recommendation. However, the CDRLF was pumped upto $1 million by a House Financial Services AppropriationSubcommittee; until the last couple of years, the CDRLF hadreceived at least $1 million.

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

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

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

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