Credit unions can access the 2021 CDRLF Report to Congress

On By nycuaIn NY Minute

The NCUA has issued its Community Development Revolving Loan Fund Report to Congress, which includes a complete list of grant and loan awardees and a breakdown of awardees and funding by state in 2021.

Fast facts from the report:

  • More than $1.6 million in technical assistance grants were awarded to 109 eligible credit unions in 35 states and the District of Columbia.
  • Individual grants ranged from $1,500 to $50,000.
  • 17 credit unions were first-time grant recipients, and they recieved more than $432,000 in grants.
  • 37 recipients were MDI credit unions, receiving more than $530,000 in grants.
  • 10 urgent-need grants of $7,500 each, or $75,000 total, were awarded to credit unions in four states, one of which was an MDI to respond to natural disasters.
  • 1 loan for $500,000 helped a credit union develop new products, expand an existing loan program, establish community partnerships and improve cybersecurity.

As previously reported, credit unions in New York state that were awarded CDRLF grants in 2021 include:

  • Encompass Niagara FCU in Niagara Falls;
  • Paul Quinn FCU in Flushing;
  • Local 804 FCU in Long Island;
  • Cadets FCU in Buffalo;
  • New Covenant Dominion FCU in the Bronx; and
  • Italo-American FCU in Glendale;

The NCUA’s Office of Credit Union Resources and Expansion administers CDRLF grant funding to provide grants to credit unions serving low-income communities. The office also supports low-income-designated credit unions; credit unions interested in a low-income designation; minority credit unions; credit unions seeking changes in their charters, bylaws, or fields of membership; and groups organizing to start new credit unions.

From Todd Harper, NCUA chairman:

Since its inception, the CDRLF program has proven to be an effective, cost-efficient way to assist eligible credit unions, many of them small institutions serving people who might otherwise go unserved. The CDRLF program also provides meaningful support in many underserved communities. These are also often the places disproportionately impacted by the COVID-19  pandemic. To ensure a more equitable recovery, we should continue to support these communities and populations with CDRLF grants even after we bring the virus under control.

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