Office of Small Credit Union Initiatives Report
CREDIT UNION GRANT APPLICATIONS JUMP 77 PERCENT
The Office of Small Credit Union Initiatives (OSCUI) saw a
77 percent increase from 187 to 331 eligible credit unions
applying for grants through the Community Development
Revolving Loan Fund (CDRLF) from 2011 to 2012.
Accordingly, total requested funds hit $5 million this year or
roughly twice the amount normally requested in recent years.
“I believe the significant jump in credit unions applying for
grants reflects the NCUA Board’s efforts to make the
application process much, much easier, and effective outreach
by our Office of Small Credit Union Initiatives,” said NCUA
Board Chairman Debbie Matz. “Credit unions now have an
automated grant system that allows them to apply for
multiple initiatives under one application. In our rulemaking,
the Board was careful to eliminate outdated procedures and
increase transparency regarding access to the CDRLF.”
OSCUI is reviewing the applications and will notify recipients
of their award by mid-August. Beginning this month,
applicants may check their application status online at
logging into the Online Loan Application.
While the 2012 CDRLF grant round has closed, NCUA will
continue to accept CDRLF loan applications from low-income credit unions through the rest of 2012 or until funds
are exhausted. “The loan program has also experienced
strong demand, as a result of the changes recently adopted
by the NCUA Board,” said Chairman Matz. “So far this year,
we have 13 pending applications compared to zero
applications for 2011.”
NCUA has made $11 million available for CDRLF loans in
2012. Credit unions may obtain CDRLF loans up to
$300,000, but a new rule adopted by the NCUA Board last
year allows higher loans on a case-by-case basis. For 2012,
NCUA has set the interest rate at a record low of 0.4 percent.
For more information about these programs and links
to the loan application, go to the link provided earlier or
NCUA LEADS NEIGHBORWORKS AMERICA
NCUA Board Member Gigi Hyland, in her role
as NeighborWorks America Board Chair,
recently met with a group of representatives from
four NeighborWorks organizations. The group
came to Washington for meetings on Capitol Hill
to advocate for funding for affordable housing
and community development.
The group asked to meet with Ms. Hyland to
discuss issues impacting their organizations.
NeighborWorks America partners with 238
organizations that offer communities a range of
housing assistance—from homeownership
counseling and lending products to affordable
Ms. Hyland serves as NCUA’s representative to
the NeighborWorks America Board, which is
determined by statute and consists of the heads
of the financial regulatory agencies and
HUD, who are presidential appointees subject to
Senate confirmation, or their statutorily
designated representatives. Ms. Hyland became
Neighbor Works America’s Board Chair in May
of this year.
NCUA Board Member Gigi Hyland, third from right, discussed
issues related to housing and community development
with Dave Brown of the national NeighborWorks Association,
Tony To of Homesight which serves the Greater Seattle
area, Brenda Torpy of Champlain Housing Trust in Northwest
Vermont, Chris Krehmeyer of Beyond Housing in St. Louis,
and Dana Totman of Avesta Housing in Portland, Maine.