Credit union regulator opens next round of community development grants May 2

More than $1.5 million is available for underserved outreach and cybersecurity to eligible low-income-designated credit unions through a loan fund offered by the federal credit union regulator, beginning next month, the agency said Monday.

The National Credit Union Administration (NCUA) said applications by eligible credit unions for 2022 grants offered through the agency’s Community Development Revolving Loan Fund (CDRLF) will be taken May 2 through June 24.

The $1.5 million in grants, the NCUA said, will go to the “most qualified” applicants in four categories: underserved outreach (maximum award, $50,000); small credit union mentoring (maximum award, $25,000; digital services and cybersecurity maximum award, $10,000); and training (maximum award, $5,000).

To apply for a grant, the agency said eligible credit unions must have an active account with the NCUA’s System for Award Management (SAM) and unique entity identifier number that credit unions receive when they register for a SAM account.

Low-income-designated credit unions with an existing registration with SAM must recertify and maintain an active status annually, the agency said. There is no charge for the SAM registration and recertification process; SAM users can register or recertify their accounts by following the instructions for registration on the agency’s website.

Community Development Revolving Loan Fund Grant Round Opens May 2