NCUA Says It Could Meet Just One-Third of Requests from Smaller CUs
NCUA was only able to cover approximately one-third of the requests it received for technical assistance from small credit unions during 2021.
The agency said in its 2021 annual report to Congress on its Community Development Revolving Loan Fund (CDRLF) it received 283 grant applications totaling $4.7 million in 2021 of which it was able to fulfill 100 technical assistance grants totaling $1.6 million, or about. about $3.40 for every $10 requested.
To do that, NCUA said, it combined the 2021 congressional appropriation of $1.5 million with “a modest amount of recoveries from past-year appropriations,” ultimately awarding 109 technical assistance grants totaling $1.6 million.
NCUA Board Chairman Todd Harper said in a statement that the inability to fund all the requests has led him to “strongly encourage Congress to increase the CDRLF appropriation for FY 2023 to $4 million.”
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