HUD Secretary Carson Visits CU Receiving CDRLF Grant

Department of Housing and Urban Development (HUD) Secretary Ben Carson visited HUD FCU in Washington, DC earlier this week as the credit union received a $10,000 grant from the National Credit Union Administration (NCUA)'s Community Development Revolving Loan Fund (CDRLF) for leadership development.

The NCUA recently awarded $2 million in grants to 203 low-income credit unions, funding from the agency’s 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. 44 credit unions are first-time grant recipients. 28 were 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.

During its lame-duck session, Congress is expected to finish work on the financial services and general government (FSGG) appropriations measure, along with other government spending provisions. CUNA and the state leagues continue to advocate for full funding for the CDRLF and CDFI Fund, which is included in the Senate-passed version of the bill.