ALEXANDRIA, Va. (Sept. 1, 2022) – The National Credit Union Administration has awarded more than $1.5 million in Community Development Revolving Loan Fund grants to help 90 low-income credit unions expand outreach to underserved communities, participate in mentoring relationships, receive training, and improve digital services and security.
“Low-income credit unions are on the frontlines of expanding access to safe, fair, and affordable credit, and these grants to credit unions will allow those institutions to expand services, build capacity, create professional support networks, and bolster their capacity to withstand cyberattacks,” NCUA Chairman Todd M. Harper said. “Again this year, we have seen the need far exceed our available resources, so I am very pleased that Congress is considering increasing the annual allocation. With more money, the NCUA will be able to make more grants and bigger grants through the Revolving Loan Fund.”
The NCUA awarded grants ranging from $1,400 to $50,000 to credit unions in 43 states and the District of Columbia. Twenty-eight credit unions were first-time grant recipients. Sixteen grantees were minority depository institutions. The NCUA made awards in four categories:
- Underserved outreach: 21 grants totaling $943,488
- Small Low-Income Credit Union (LICU) mentoring: 3 grants totaling $75,000
- Digital services and cyber security: 52 grants totaling $484,165
- Training: 14 grants totaling $64,510
During the 2022 grant round, the agency received 220 grant applications totaling more than $4.7 million.
The NCUA’s Office of Credit Union Resources and Expansion administers CDRLF grant funding to provide grants to credit unions serving low-income communities. The Office also 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.