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NCUA Awards $1.9 Million in Grants to 155 Low-Income Credit Unions

September 2019
NCUA Awards $1.9 Million in Grants to 155 Low-Income Credit Unions

ALEXANDRIA, Va. (Sept. 13, 2019) – The National Credit Union Administration has awarded $1.9 million in grants to help 155 low-income credit unions increase outreach to underserved communities, improve digital services and security, and train employees.

The NCUA awarded grants ranging from $1,900 to $100,000 to credit unions in 40 states and the District of Columbia. Thirty-one credit unions are first-time grant recipients. Fifty-eight are minority depository institutions.

The NCUA made awards in four categories:

  • Underserved outreach: 11 grants totaling $972,742;
  • Digital services and security: 73 grants totaling $550,612;
  • Training: 46 grants totaling $217,369; and
  • Counselor certification: 35 grants totaling $161,925.

The NCUA’s Office of Credit Union Resources and Expansion administers grant funding provided by the Community Development Revolving Loan Fund, which offers grants and loans to credit unions serving low-income communities. Since 2001, Congress has provided the NCUA with $22.8 million for these grants.

The 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.

Last modified on
09/13/19