NCUA issues CDRLF report to Congress
ALEXANDRIA, VA (March 31, 2022) — The National Credit Union Administration released its 2021 Community Development Revolving Loan Fund (CDRLF) Report to Congress, highlighting the fund’s significant and positive impact on credit unions, their members, and their communities. A complete list of grant and loan awardees and a breakdown of awardees and funding by state is also included in the report.
Congress created the CDRLF to stimulate economic development in low-income communities served by credit unions. Through its stewardship of the fund, the NCUA provides grants and loans to low-income-designated credit unions that use this funding to improve and expand services to members, build capacity, and stimulate local economic activity. Although relatively small in size, these grants make a big difference to low-income and minority credit unions working to provide more and better services to their members and communities.
The NCUA does not use appropriated funds to administer the CDRLF. Every penny of appropriations goes to eligible credit unions and their member-owners.
Additional information on the Community Development Revolving Loan Fund can be found at https://www.ncua.gov/support-services/credit-union-resources-expansion/grants-loans.
About National Credit Union Administration (NCUA)
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.