The next open meeting of the NCUA Board has been rescheduled from January 16 to January 25 at 2 p.m. in the Filene Board room in Alexandria. The NCUA Board voted today to announce next year's application process for the Community Development Revolving Loan Program in the Federal Register. The loan interest rate will continue at 3 precent.
Interest accrued from the revolving loan fund balance is used to fund technical assistance grants.
In the future, the agent reimbursement will be based on the amount of CLF capital stock owned by each agent rather than on the number of members each agent serves. Credit unions can be members of the CLF either directly or by agent membership through their corporate credit union. This relationship permits the CLF to operate efficiently at the least cost. The CLF distributes all net income as dividends to members. Agent members currently own 96 percent of the CLF capital stock, so approximately 96 percent of the amount previously paid in agent reimbursements will now be paid to agent members through the regular quarterly dividend process.