The NCUA on Wednesday announced $ 1.5 million in Community Development Revolving Loan Fund grants to help 105 low-income credit unions in 34 states plus the District of Columbia.
The grants were designed to help credit unions extend their reach to underserved communities and improve digital services and security.
“At the NCUA, we strive to address priorities such as closing the wealth gap and building cybersecurity resilience,” said NCUA President Todd M. Harper. “With these grants from CDRLF, small, low-income and minority credit unions will have more capacity to serve low-income communities and strengthen cybersecurity defenses. It is a good thing for credit unions and their members.
The NCUA awarded prizes in two categories. There were 22 grants totaling $ 1 million for underserved outreach and 83 grants totaling $ 529,517 for digital services and cybersecurity. Sixteen credit unions were first-time grant recipients and 33 were minority depository institutions (MDIs).
The NCUA has awarded grants ranging from $ 1,500 to Precision Federal Credit Union of Keene, NH ($ 24.7 million in assets, 1,832 members) for digital services and cybersecurity to $ 50,000 to six co-ops in credit, including Heart o ‘Texas Federal Credit Union of Waco, Texas ($ 49.4 million in assets, 5,182 members), an MDI, for an underserved reach.
The geographic distribution ranged from Alaska, where the Tongass Federal Credit Union of Ketchikan ($ 127.1 million in assets, 8,756 members) received $ 50,000 for underserved outreach, to Florida, where Jetstream Federal Miami Lakes Credit Union ($ 228.2 million in assets, 15,464 members) received $ 7,000 to strengthen cybersecurity.
During this year’s grant cycle, the agency received 280 grant applications for more than $ 4.6 million.
“Year after year, the demand for CDRLF funding continues to exceed supply. This is why I continue to call on Congress to increase funding for CDRLF grants, ”said Harper. “More funding would allow the NCUA to increase the size of grants and support more initiatives that expand access to safe and affordable financial services for underserved communities.”
The NCUA Credit Union Resources and Development Office administers CDRLF grant funding to provide grants to credit unions serving low-income communities. The bureau also supports low-income designated credit unions, credit unions interested in low-income designation, minority credit unions, groups organizing to create new credit unions, and credit unions seeking to modify their charters, regulations or areas of membership.