Four credit unions have been awarded grants of $100,000 each from their federal regulator in support of “innovative credit union pilot projects,” the agency said Tuesday.
The $400,000 in Community Development Revolving Loan Fund (CDRLF) grants was awarded by the National Credit Union Administration (NCUA), the agency said in a release, to “recognize creative ideas among credit unions trying to build membership and expand their reach, especially to people and communities who had little or no access to affordable financial services.”
The credit unions receiving the grants – and the projects they are pursuing – are:
- CBC Federal Credit Union (FCU) in Oxnard, Calif., to support a fintech partnership;
- Greenstate Credit Union (CU) in North Liberty, Iowa, to support affordable housing;
- ELGA CU in Grand Bank, Mich., to support outreach to banking deserts; and
- True Community CU in Jackson, Mich., to support outreach to credit-invisible populations.
NCUA said 26 credit unions submitted applications for more than $7.4 million under the pilot initiative.