WASHINGTON -- NCUA's Community Development Revolving Loan Fundprogram got a boost from Capitol Hill recently.

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The CDRLF actually obtained greater funding from the House thanit had even requested based upon Chairman JoAnn Johnson's testimonyfrom an earlier congressional hearing. The bill awaits Senateaction.

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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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"When Chairman Johnson testified in front of the House FinancialServices Appropriations Subcommittee in March, she delivered twomessages: the importance of enhanced credit union outreach indisadvantaged communities and the value of financial education forall consumers, particularly those at the lower end of the economicladder," McKechnie commented. "The House apparently listened to herrecommendations, and decided to act."

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