Mon, Apr 13, 2015
NCUA announced that the agency was providing grants to a number of low income credit unions (LICU). According to NCUA, “a total of 153 low income credit unions will receive $520,440 through the first Community Development Revolving Loan Fund grant round in 2015.” These grants were awarded for staff and volunteer training and student internships. NCUA is encouraging any LICU’s interested in applying for the second grant round of 2015 to participate in the agency’s April 15 webinar to learn about the initiatives that will be offered. NCUA also encourages credit unions to explore a LICU designation. In addition to grants, LICU credit unions can: Accept nonmember deposits Accept supplemental capital secondary capital accounts Qualify for exceptions from the aggregate loan limit for member business loans NCUA’s website provides detailed information on grants and how to become a LICU.