NCUA Awards $2M in Grants to 203 Low-income CUs

The National Credit Union Administration (NCUA) awarded $2 million in grants to 203 low-income credit unions, funding from the agency’s Community Development Revolving Loan Fund (CDRLF). CUNA and the state leagues strongly support full funding for the CDRLF and successfully fought to restore funding when the fund was zeroed out for fiscal year 2018 by the Trump administration.

Grant awards ranging from $1,300 to $20,000 were made to credit unions in 42 states and the District of Columbia. Forty-four credit unions are first-time grant recipients. Twenty-eight are minority depository institutions. A total of 243 credit unions made grant requests of $2.5 million in this year’s grant round.

The NCUA made awards in three categories:

  • Digital Services & Security (141 grants totaling $1,251,670);
  • Leadership Development (40 grants totaling $350,760); and
  • Underserved Outreach (22 grants totaling $397,570).

Five New Jersey credit unions received grants ranging from $4,500 to $20,000. Bay Atlantic FCU, Camden Police FCU, Essex County NJ Employees FCU and Mid-State FCU received grants under the Digital Services & Security category. 1st Bergen FCU was awarded a grant for Underserved Outreach.

CDRLF grant funding is administered by NCUA’s Office of Credit Union Resources and Expansion.

in Compliance & Regulatory News