NCUA awards mentoring grants to three MDI credit unions
NCUA awarded $75,000 in grants to three low-income, minority depository institution credit unions to support mentoring programs with larger credit unions.
“Mentoring relationships can help MDI credit unions, particularly those in rural and underserved communities, grow stronger and support their members and communities better,” NCUA Chairman Rodney E. Hood said. “The NCUA’s mentoring program is important to the promoting the broader goal of greater financial inclusion. I congratulate the grantees and look forward to hearing about the results of their efforts.”
The agency awarded mentoring grants to:
- Northern New Mexico School Employee FCU, of Santa Fe, with Guadalupe CU, also of Santa Fe, serving as mentor;
- N.U.L. FCU, of New York, New York, with 1199 SEIU FCU, also of New York, serving as mentor; and
- F A B Church FCU, of Savannah, Ga., with Georgia Heritage FCU, also of Savannah, serving as mentor.
The grants were funded through the NCUA’s Community Development Revolving Loan Fund allocation. The agency’s mentoring program helps small, low-income, minority depository institutions establish mentoring relationships with larger low-income credit unions to provide expertise and guidance in serving low-income and underserved populations.
The larger credit unions will offer technical assistance, such as building staff capacity through training and improvements to credit union operations.
The NCUA’s Office of Credit Union Resources and Expansion 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.