For Details, Contact:
External Affairs
email: pacamail@ncua.gov
Fax: (703) 518-6409

NCUA Posts Record CDRLF Loan Volume

November 8, 2007, Alexandria, Va. -- The National Credit Union Administration (NCUA) Community Development Revolving Loan Fund (Fund) announced today it has reached its threshold. The Fund has processed 40 loans totaling over $7 million during 2007, and total Fund lending now exceeds $13 million. This is the largest number of loans approved by the Fund in a single year and totals the largest amount of loans ever recorded.    

“2007 was a tremendous year for credit union member outreach,” NCUA Chairman JoAnn Johnson said. “The demand for both grants and loans from the Community Development Revolving Loan Fund more than doubled from the same period last year, and NCUA encourages credit unions to continue to use the Fund in the future as a valuable resource.”

“Many factors prompt credit unions to borrow from the Fund,” said Tawana Y. James, director of the Office of Small Credit Union Initiatives, which administers the Fund. “Credit unions’ interest in providing improved financial services to their members and stimulating economic conditions in their communities through programs such as financial education, free tax preparation, and asset-building services as well as improved operations all contributed to active Fund participation. As existing loans pay down, we will have funds available to lend.” 

 The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of over 86 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.