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NAFCU urges NCUA to expand access to CDRLF
NAFCU Directory of Regulatory Affairs Ann Kossachev and Senior Regulatory Counsel Elizabeth LaBerge spoke with NCUA Office of Credit Union Resources and Expansion (CURE) Director Martha Ninichuck and Deputy Director JeanMarie Komyathy to discuss credit unions' access to the agency's Community Development Revolving Loan Fund (CDRLF) and the Treasury's Community Development Financial Institutions (CDFI) Fund.
NAFCU staff thanked the NCUA for making the majority of the CDRLF appropriations available for coronavirus pandemic relief assistance and for the change, announced last week, regarding the inclusion of military personnel in making low-income designation determinations.
During the meeting Friday, LaBerge discussed expanding access to the CDRLF grant and loan opportunities. The group discussed credit unions' current use of the grants to protect staff and assist members during the pandemic.
Last week, NAFCU President and CEO Dan Berger spoke with NCUA Chairman Rodney Hood to discuss funding for both the CDFI Fund and the CDRLF. Additionally, NCUA Board members Todd Harper and Mark McWatters asked for additional funds for the CDRLF at the NCUA’s April board meeting last month.
NAFCU Vice President of Legislative Affairs Brad Thaler has previously called on Congress to provide additional emergency funds to the CDFI Fund and CDRLF "as they are important tools for credit unions to have access to funds to help those in underserved and lower-income areas."
Earlier this year, following the Treasury Department's FY2021 Financial Services and General Government budget request, Thaler urged lawmakers to full fund the CDFI Fund and the CDRLF. In the proposed budget, the Trump Administration recommends eliminating the CDFI Fund.
Congress provided funding for these two and other programs used by credit unions in the FY2020 government spending packages passed in December; those funds are currently set to expire Sept. 30.
The association remains in close contact with the NCUA to further discuss the association's requests for relief to help credit unions deal effectively with the coronavirus.
Access all NAFCU's coronavirus resources here.