More than 100 low-income credit unions were awarded grants totaling $1.5 million to expand their outreach to underserved communities and improve digital services and security, the federal credit union regulator said Sept. 1.
The grants awarded to the 105 credit unions, the National Credit Union Administration (NCUA) said, were offered through the agency’s Community Development Revolving Loan Fund (CDRLF).
According to the NCUA, the grants ranged from $1,500 to $50,000 to credit unions in 35 states and the District of Columbia. The agency said 16 credit unions were first-time grant recipients and 33 were minority depository institutions. Awards were made in two categories: underserved outreach (for 22 grants totaling $1,006,190), and digital services and cyber security (for 83 grants totaling $529,517).
The agency said it received 280 grant applications seeking more than $4.6 million.