Credit union agency to open CDRLF grant round May 1; eligibility should be reviewed first

Eligible credit unions will have until June 30 to submit their applications for grants from the Community Development Revolving Loan Fund (CDRLF), their federal regulator said Wednesday.

Opening day for submitting the applications is May 1.

The National Credit Union Administration (NCUA) said it will administer approximately $3.5 million in CDRLF grants to the most-qualified applicants, across five categories, subject to the availability of funds. In addition, the agency said, it is piloting two new grant initiatives for which eligible credit unions may apply.

The five categories and criteria are:

  • Underserved Outreach (maximum award of $50,000) — Helping credit unions expand safe, fair and affordable access to financial products and services to underserved communities and improve the financial well-being of their members;
  • MDI Capacity Building (maximum award of $50,000) — Preserving minority depository institution (MDI) credit unions and increasing their ability to thrive and serve minority populations;
  • Consumer Financial Protection (maximum award of $10,000) — Ensuring credit unions have the resources and expertise to protect credit union members, raise awareness of potential frauds, and facilitate access to fair and affordable financial services;
  • Digital Services and Cybersecurity (maximum award of $10,000) — Providing assistance to credit unions to modernize information and security systems to better protect themselves and their members from cyberattacks; and
  • Training (maximum award of $5,000) — Strengthening credit unions through succession planning, leadership development, staff education, and professional development.

The two pilot categories and criteria are:

  • Impact Through Innovation (maximum award of $100,000) — A pilot initiative addressing underserved communities by focusing on banking deserts, affordable housing, credit invisibles, and fintechs;
  • Small Credit Union Partnership (maximum award of $50,000) — A pilot initiative helping small credit unions pool their resources to help them achieve their growth objectives.

The agency recommended that credit unions should review their eligibility before applying for the grants. The grant round is open to credit unions with either a low-income designation or certification as a minority depository institution, NCUA said. A credit union applying for a CDRLF grant must have an active account with the System for Award Management, or SAM, and a unique entity identifier number they will receive when they register for a SAM account.

NCUA Opening 2023 CDRLF Grant Round May 1