NCUA awards development grants

by. Marc Rapport

The NCUA said Thursday it has awarded $517,890 in grants to 127 low-income credit unions.

The money from the first round in 2014 of the Community Development Revolving Loan Fund awards will be used for a variety of projects, this time with a heavy focus on providing mobile banking, the agency said.

“It’s important that credit unions offer up-to-date technology to remain competitive in a rapidly changing industry,” NCUA Board Chairman Debbie Matz said in the announcement.

The NCUA said 33 grants totaling $209,500 were awarded for new products and services, 54 totaling $208,390 were for student internships, and 40 for $100,000 were for CDFI certification initiatives.

In this round 320 credit unions submitted grant applications totaling more than $2.3 million in funding requests, the NCUA said. A complete list of the grant winners, and grant application status updates, are online.

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