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Senate Proposes No Funding for NCUA Revolving Loan Fund

The spending bill contains no new funds for the program, which received $1.5 million during the current fiscal year.

NCUA Headquarters NCUA headquarters. (Source: NCUA)

On the same day that NCUA Chairman Rodney Hood touted the Community Development Revolving Loan Fund before the Senate Banking Committee, the Senate Appropriations Committee proposed to eliminate the program.

“The COVID-19 pandemic poses unique challenges, both economically and financially, to rural and underserved communities, which are served primarily by small, low-income and minority credit unions,” Hood said in prepared testimony for the Banking Committee hearing. “In April, the NCUA committed the majority of its 2020 CDRLF allocation to COVID-19 assistance.”

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David Baumann

 

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