NCUA awards $2M in grants to 203 low-income CUs
The NCUA awarded $2 million in grants to 203 low-income credit unions, funding from the agency’s Community Development Revolving Loan Fund (CDRLF). CUNA strongly supports full funding for the CDRLF, and successfully fought to restore funding when the fund was zeroed out for fiscal year 2018.
Grant awards ranging from $1,300 to $20,000 were made to credit unions in 42 states and the District of Columbia. Forty-four credit unions are first-time grant recipients. Twenty-eight are minority depository institutions. A total of 243 credit unions made grant requests of $2.5 million in this year’s grant round.
The NCUA made awards in three categories:
- Digital services and security: 141 grants totaling $1,251,670;
- Leadership development: 40 grants totaling $350,760; and
- Underserved outreach: 22 grants totaling $397,570.
CDRLF grant funding is administered by NCUA’s Office of Credit Union Resources and Expansion.