Community Development Revolving Loan Program for Credit Unions
NCUA · other · Published 1996-09-27 · Effective 1996-10-01 · 61 FR 50694
Document
Document number
96-24458
Federal Register citation
61 FR 50694
CFR reference
12 CFR 701
Type
Rule
Action
Final amendments.
Category
other
Agency
US National Credit Union Administration
Publication date
1996-09-27
Effective date
1996-10-01
Abstract
The purpose of the Community Development Revolving Loan Program for Credit Unions is to make reduced rate loans and provide technical assistance to both Federal and State-chartered credit unions serving low-income communities. The NCUA Board is issuing final amendments to this regulation to: eliminate the limits on technical assistance that may be provided per year to participating credit unions; clarify that student credit unions may not participate in the Program; clarify that credit unions may receive up to $300,000 in loans in the aggregate at any one time; and require additional documentation from nonfederally insured credit unions that may wish to participate in the Program. The NCUA Board is also issuing a technical amendment to another regulatory provision to conform it to the revised Program regulations.