Help for 155 low-income credit unions in the form of $1.9 million in grants will be provided by the federal regulator of credit unions to assist in outreach to underserved communities, improving digital services and security, and training employees, the agency said Friday.
The National Credit Union Administration (NCUA) said the grants range from $1,900 to $100,000 for the credit unions, distributed among 40 states and the District of Columbia. The agency said 31 of the credit unions were receiving grants for the first time; 58 are minority depository institutions.
NCUA noted that the awards are made in four categories, with those made for “underserved outreach” receiving the most funding (11 grants for $972,742). Other categories are: digital services and security (73 grants for $550,612); training (46 grants for $217,369); and counselor certification (35 grants for $161,925).
Grant funding is provided by the Community Development Revolving Loan Fund (CDRLF), which offers grants and loans to credit unions serving low-income communities. Since 2001, Congress has appropriated $22.8 million to NCUA for the grants.