44.002: Community Development Revolving Loan Fund Program for Credit Unions

44.002

Inactive

National Credit Union Administration (NCUA)

April 14, 2021

April 14, 2021

The purpose of the Community Development Revolving Loan Fund (CDRLF) is to expand access of financial products and services, and increase diversity, equity, and economic inclusion to underserved communities. Through the CDRLF, the NCUA provides financial support in the form of technical assistance grants to low-income designated credit unions (LICUs) serving predominantly low-income members to modernize, build capacity and extend outreach into underserved communities.

B - Project Grants (Special)

This NOFO is open to credit unions that meet the eligibility requirements defined in 12 C.F.R. Part 705. A credit union must have a low-income designation obtained in accordance with 12 CFR § 701.34 or 741.204 in order to participate in the CDRLF. Non-Federally Insured Applicants: Each Applicant that is a non-federally insured, state-chartered credit union must submit additional application materials. These additional materials are more fully described in 12 C.F.R. § 705.7(b)(3) and in the application. Non-federally insured, state-chartered credit unions must agree to be examined by the NCUA. The specific terms and covenants pertaining to this condition will be provided in the award agreement of the Participating Credit Union.

A credit union wishing to participate must serve a field of membership which is comprised primarily of low-income individuals. To participate in the CDRLF, a federally chartered credit union must be currently designated as a “low-income” credit union as set forth in NCUA’s Rules and Regulations. A state-chartered credit union must have the equivalent low-income designation from its respective state supervisory authority and concurrence from NCUA. 12 CFR 701.34 A low-income designated credit union is one in which more than half of its members meet the NCUA definition for a “low-income member.” Low-income members are those who earn 80 percent or less than the median family income for the metropolitan area where they live, or the national metropolitan area, whichever is greater. Low-income designated credit unions have offices and serve members throughout the United States, Puerto Rico, Guam, and the U.S. Virgin Islands, and on military bases around the world. Depending on the charter type, these credit unions serve occupational groups, associations and communities.

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