The NCUA recently announced 142 low-income and minority depository institution (MDI)-designated credit unions received $3.1 million through the Community Development Revolving Loan Fund (CDRLF).
“These grants have a track record of success,” said NCUA Chairman Todd Harper. “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.”
NAFCU has long advocated for increased funding for the NCUA’s CDRLF and Treasury’s Community Development Financial Institutions (CDFI) Fund to ensure credit unions have access to resources to better serve their communities. The association will continue to advocate for full funding for these programs as lawmakers work on longer-term government funding in the coming weeks.
The NCUA awarded grants ranging from $1,000 to $50,000 to credit unions in 40 states and Washington, D.C. Forty-two awardees were MDIs, and 23 were first-time applicants. The NCUA made awards in five categories:
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