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NAFCU supports CDRLF proposal
July 26, 2011 – NAFCU informed NCUA Monday that it's supportive of the agency's proposed changes to rules governing the Community Development Revolving Loan Fund, but it also stressed the need for more flexibility regarding the process of applying for loans and grants under the fund.
In his letter to the NCUA Board, NAFCU Associate Director of Regulatory Affairs Tessema Tefferi noted that the rules and regulations pertaining to the CDRLF haven't changed since 1993.
He said it's important for NCUA to update its regulations to ensure unnecessary provisions are removed, regulations are clear and in order to enhance efficiency. "We believe the proposed rule achieves these goals and will ultimately be beneficial for qualifying credit unions," said Tefferi.
However, Tefferi did urge NCUA to consider that most credit unions that qualify for CDRLF loans or grants have very limited resources. To that end, he asked the agency to craft a final rule that does not make the process of obtaining a CDRLF loan or fund overly burdensome or require qualified credit unions to allocate too much of their limited resources.
NCUA's proposed rule would make comprehensive changes to the CDRLF rules, including the process and requirements for qualified credit unions to obtain a loan or a grant. Among other changes, the proposed rule clarifies eligibility requirements for CDRLF loans and grants and addresses how loans can be obtained on an emergency basis.
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