NCUA awards $1.9 million in grants to 155 low-income credit unions
ALEXANDRIA, VA (September 13, 2019) — The National Credit Union Administration has awarded $1.9 million in grants to help 155 low-income credit unions increase outreach to underserved communities, improve digital services and security, and train employees.
The NCUA awarded grants ranging from $1,900 to $100,000 to credit unions in 40 states and the District of Columbia. Thirty-one credit unions are first-time grant recipients. Fifty-eight are minority depository institutions.
The NCUA made awards in four categories:
- Underserved outreach: 11 grants totaling $972,742;
- Digital services and security: 73 grants totaling $550,612;
- Training: 46 grants totaling $217,369; and
- Counselor certification: 35 grants totaling $161,925.
The NCUA’s Office of Credit Union Resources and Expansion administers grant funding provided by the Community Development Revolving Loan Fund, which offers grants and loans to credit unions serving low-income communities. Since 2001, Congress has provided the NCUA with $22.8 million for these grants.
The Office of Credit Union Resources and Expansion 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.
About National Credit Union Administration (NCUA)
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.
