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January 01 2007

NCUA Vice Chairman Rodney Hood Featured at Roundtable at Operation HOPE Headquarters

Programs that stimulate community development focus of discussions  

 LOS ANGELES, CA—March 14, 2007—National Credit Union Administration (NCUA), Vice Chairman Rodney Hood, visited with county credit union affiliates on March 7, at Operation HOPE headquarters before touring two neighborhood HOPE Centers to promote the NCUA’s Community Development Revolving Loan Fund (CDRLF) and Technical Assistance Grant programs. The programs, made possible by congressionally appropriated funds, are expected to enhance credit union services.   

“The National Credit Union Administration is pleased to provide these funding options to those who stand to benefit most by it. We believe these programs will stimulate economic growth in low-income communities by increasing income, ownership, and employment opportunities,” asserted Hood. 

Credit unions wishing to participate in the program must be designated as ‘low-income’ credit unions as stipulated by NCUA’s Rules and Regulations. This year $940,500 has been appropriated for TAG. The CDRLF offers eligible affiliates loans up to $300,000 at an interest rate of 1 percent, for five years. Hood is meeting with credit union leaders nationwide to encourage and educate them about the programs and their advantages.  

 “Operation HOPE looks for every opportunity to provide services and resources for communities that have been overlooked in the past. Meetings like these, which serve to bring first-hand awareness of resources and services available to underserved communities is another example of our work to deliver silver rights,” said Bryant. 

 Los Angeles county affiliate Credit Union leaders who attended included: Carlton Hoskins, NCUA; Irla Abrigo Episcopal Community Federal CU; Eileen Doerrer, AM Federal CU; Bill Cheney, California CU League; Angela Hucks, Alisos CU; Janet Rombi, American First CU; Roberto Barragan, Pacoima Development Federal CU; Barbara Argo, Cal Poly Federal CU and Raul Picktt, El Futro CU.                                                                                   


About the National Credit Union Administration

Created in 1934, as a result of the Federal Credit Union Act, the National Credit Union Administration (NCUA) is the federal agency that charters and supervises federal credit unions and insures savings in federal and most state-chartered credit unions across the country through the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the full faith and credit of the United States government. The purpose of the federal law was to make credit available and promote thrift through a national system of nonprofit, cooperative credit unions.