Wed, Sep 6, 2017
More than $1.8 million in grants will help 251 low-income credit unions expand digital services to underserved communities, provide leadership training, and improve cybersecurity, the National Credit Union Administration announced September 5.
Grant awardees include six MD|DC CUA member credit unions: Allegany County Teachers FCU, DC Government Employees FCU, Georgetown University Alumni And Student FCU, Market USA FCU, Potomac FCU, and PEPCO FCU.
A list of grantees is available on the NCUA’s Office of Small Credit Union Initiatives’ grants information page. The agency received applications from 328 credit unions for more than $2.4 million.
The Office of Small Credit Union Initiatives administers the grant funding provided by the Community Development Revolving Loan Fund, which offers grants and loans to credit unions serving low-income communities. Congress established the fund to provide grants and loans to credit unions serving low-income communities. Since 2001, Congress has provided the NCUA with more than $18.8 million for these grants.
In the most recent round, the NCUA awarded grants in three initiative areas:
- Digital services and security: the NCUA awarded 151 grants, totaling $1,065,395, to help credit unions expand financial access to underserved communities through digital products and to help credit unions do a better job of protecting members’ information.
- Leadership development: the NCUA awarded 57 grants, totaling $504,190, to help credit unions provide leadership training to staff.
- Small low-income credit union capacity: the NCUA awarded 43 grants, totaling $283,500, to help credit unions improve technology systems and enhance their capacity to serve low-income members.
Urgent needs grants for emergency assistance are available year-round, subject to funding availability. More information about those grants is available online here.
The NCUA’s Office of Small Credit Union Initiatives fosters credit union development and the effective delivery of financial services for small credit unions, new credit unions, minority depository institutions and credit unions with a low-income designation.