The theme of the news this week has been underdogs winning their battles by scrapping it out for what's right. From credit unions to regulators, these unexpected victors deserve to bask in their spoils of the moment.
Everyone believes their causes are the most deserving and credit unions are no exception. All 331 credit unions applying to the NCUA's technical assistance grant program pleaded their cases for a total of $5 million, but ultimately, the NCUA's only had so much in funding. Between $1.25 million in congressional funding and some extra funds from last year, the NCUA was able to award $1.4 million to deserving credit unions–the program's highest grants ever.
Streamlining the applications process led to a 77% increase in applications, according to the NCUA. This move was the agency's second effort of late to streamline its programs, the last of which raised the hackles of community bankers. The grant money will go to programs to assist with new product and service development as well as VITA programs, which assist low-income Americans with their tax returns. Hoorah for the NCUA and the low-income credit unions that prove everyday they're worthy of the grant funds!
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