ALEXANDRIA, Va. (Sept. 28, 2023) – The National Credit Union Administration awarded $3.1 million in Community Development Revolving Loan Fund grants to 142 low-income and minority depository institutions, the agency announced today.
“For 2023, Congress provided more funding and allowed MDI-designated credit unions to qualify for CDRLF grants, enabling the NCUA to provide greater support to more institutions,” NCUA Chairman Todd M. Harper said. “These grants have a track record of success. Qualifying low-income and MDI-designated credit unions use these needed funds to create innovative products, provide financial education, and broaden access to safe, fair, and affordable financial products and services. This expands opportunity and assists members and communities nationwide in building financial security.”
The NCUA awarded grants ranging from $1,000 to $50,000 to credit unions in 40 states and the District of Columbia. Forty-two awardees were MDIs, and 23 were first-time applicants. The NCUA made awards in five categories:
- Underserved Outreach: 26 grants totaling $1,265,000
- MDI Capacity Building: 23 grants totaling $1,079,200
- Digital Services and Cybersecurity: 79 grants totaling $725,900
- Training: 12 grants totaling $59,600
- Consumer Financial Protection: 2 grants totaling $16,500
In the 2023 grant round, the agency received 290 grant applications totaling more than $7.7 million.
Information about CDRLF grants and a complete list of awardees are available on the NCUA website. The NCUA’s Office of Credit Union Resources and Expansion administers CDRLF grants to credit unions. 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.