The application deadline for credit unions to seek minority depository institution (MDI) mentoring grants from the federal credit union regulator has been moved back a month to July 31, the agency announced Tuesday.
The National Credit Union Administration (NCUA) says that under the program, the agency will make grants of up to $25,000 to help small institutions establish mentoring programs with larger, low-income-designated credit unions to provide expertise and guidance in serving low-income and underserved populations.
The agency has noted that up to $125,000 in total grants is available through this initiative, which is open to small, low-income credit unions designated as minority depository institutions. It said credit unions selected for the mentoring program will participate in agency-led group meetings and training relevant to their needs and will share progress on the mentoring partnerships.
The agency said staff from its Office of Credit Union Resources and Expansion will be available to answer questions about the program through July 29. Credit unions should submit their questions by email to CUREAPPS@ncua.gov.