NCUA has awarded more than $1.5 million in Community Development Revolving Loan Fund grants to help 90 low-income credit unions expand outreach to underserved communities, participate in mentoring relationships, receive training, and improve digital services and security.
The NCUA awarded grants ranging from $1,400 to $50,000 to credit unions in 43 states and the District of Columbia. Twenty-eight credit unions were first-time grant recipients. Sixteen grantees were minority depository institutions. The NCUA made awards in four categories:
Underserved outreach: 21 grants totaling $943,488
Small Low-Income Credit Union (LICU) mentoring: 3 grants totaling $75,000
Digital services and cyber security: 52 grants totaling $484,165
Training: 14 grants totaling $64,510
During the 2022 grant round, the agency received 220 grant applications totaling more than $4.7 million.
The office also supports low-income-designated credit unions; credit unions interested in a low-income designation; minority credit unions; credit unions seeking changes in their charters, bylaws, or fields of membership; and groups organizing to start new credit unions.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
