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

The CDRLF actually obtained greater funding from the House than it had even requested based upon Chairman JoAnn Johnson's testimony from an earlier congressional hearing. The bill awaits Senate action.

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.

"When Chairman Johnson testified in front of the House Financial Services Appropriations Subcommittee in March, she delivered two messages: the importance of enhanced credit union outreach in disadvantaged communities and the value of financial education for all consumers, particularly those at the lower end of the economic ladder," McKechnie commented. "The House apparently listened to her recommendations, and decided to act."