ALEXANDRIA, Va. -- The National Credit Union Administration board voted to accept applications for low-interest loans to be made next year under its community development loan program.
The board voted to publish this week in the Federal Register a notice that it is accepting applications from credit unions through March 31 to receive funds from the Community Development Revolving Loan Program for Credit Unions.
$1.4 Million at 2%
The program provides loans to credit unions designated by the regulator as serving low-income communities. Interest goes toward technical assistance for such credit unions.
The agency will make $1.4 million in loans available through the program. The board set interest at 2%.
Since 1990 the agency has made 57 loans totaling $7.7 million under the community development loan program.
In other action at its meeting Tuesday, the board approved a request by the World Council of Credit Unions to provide an examiner to help develop a regulatory system for credit unions in Honduras.
The World Council, an affiliate of the Credit Union National Association, expects a grant from the the U.S. Agency for International Development that would partly go to reimburse the NCUA.
Being |a Part of the Process'
"I think it's important that we be part of the process" of helping Latin American credit unions, said board member Robert Swan.
The meeting was the first under the chairmanship of Norman E. D'Amours, who seemed at east in the role. "Thank you all for coming," he said at the end of the meeting. "Hope you all had as much funs as I did."