NCUA Schedules Technical Assistance Grants Conference Call to Help Unload Funds

ALEXANDRIA, Va.-Credit unions that are interested in applying for Technical Assistance Grants, but are not quite sure how to go about it can tap into NCUA experts during a conference call slated for July 6. NCUA Director of the Office of Credit Union Development Anthony LaCreta will brief participants on the TAG initiative, including an overview of the specific TAG programs. Participants will have the opportunity to learn about what is available for low-income designated credit unions in specific areas, such as creating or enhancing homeownership, financial education, international remittance, underserved areas, and Individual Development Account programs. Nearly $700,000 in grant funds is available for technical assistance to low-income credit unions. To participate in the toll-free conference call at 3 p.m. July 6, please RSVP to [email protected] or call 703/518-6330. “Congress recognizes the good work of America’s credit unions and the important role of not-for-profit financial cooperatives in serving their communities and neighborhoods across America,” NCUA Chairman JoAnn Johnson said. “Low-income designated credit unions should consider the opportunities for using grant funds to develop or expand innovative initiatives to provide economic empowerment and financial self-sufficiency for their members. I encourage all low-income designated credit unions to consider the opportunities through the technical assistance grant initiatives.” In the past, NCUA funded the grants only from the earnings on interest paid for Community Development Revolving Loan Fund loans, but two years ago, Congress began designating portion of the appropriation for TAGs also. For FY 2004, Congress appropriated $1 million specifically for the TAG initiative. By law, NCUA must allocate all $1 million by the end of fiscal year 2004, which is Sept. 30, 2004. NCUA Special Assistant to the Chairman Nick Owens clarified that just because funds in designated funds one category are depleted does not mean that there is still not funding in the general pool of grants. Additionally, he said funds may be shifted if they are not used.