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NCUA Awards $1.8 Million to 251 Low-Income Credit Unions
Monday, October 16, 2017 6:45 AM

The NCUA recently announced more than $1.8 million in grants to help 251 low-income credit unions expand digital services to underserved communities, provide leadership training, and improve cybersecurity. The awards extend to credit unions in 41 states and the District of Columbia and include 72 first-time awardees.

See OSCUI’s Grants and Loans page for a list of the awardees. The grants were funded through three initiatives described in the chart above.

Funding Initiative

Total Award Amount/Number of Credit Unions

Use of Funds

Digital Services and Security

$1,065,395 / 151

To help credit unions expand financial access to underserved communities through digital products and to help credit unions do a better job of protecting members’ information.

Leadership Development

$504,190 / 57

To help credit unions provide leadership training to staff.

Small, Low-Income Credit Union Capacity

$283,500 / 43

To help credit unions improve technology systems and enhance their capacity to serve low-income members.

The NCUA received applications from 328 credit unions with requests of more than $2.4 million in this funding round.

These grants were provided through the Community Development Revolving Loan Fund administered by OSCUI. The fund offers grants and loans to credit unions with the low-income designation through congressional appropriation. Since 2001, Congress has appropriated more than $18.8 million for these grants.

OSCUI also administers urgent needs grants for emergency assistance such as repairs due to hurricane. Such assistance is available year-round, as needed, subject to funding availability.

Visit the Grants and Loans section of the NCUA’s website for more information about these grants.