NCUA Awards $2 Million in Grants to Low-Income Credit Unions
The grant awards range from $1,300 to $20,000 and are made to credit unions in 42 states and Washington, D.C.
NCUA announced Wednesday that it has awarded $2 million in grants to low-income credit unions to help them improve digital services and security, increase outreach to underserved communities and train employees.
“These are investments in fundamentals: protecting credit unions and their members, expanding access to affordable financial services, and building human capital,” NCUA Board Chairman J. Mark McWatters said. “In particular, helping credit unions detect and defend against cyberattacks is essential to keeping members safe and the financial system secure.”
The grant awards ranged from $1,300 to $20,000 and were made to credit unions in 42 states and Washington, D.C.
The agency said that 44 of the credit unions are first-time grant recipients, while 28 are minority depository institutions.
A total of 243 credit unions submitted grant applications totaling $2.5 million in this year’s round.
The NCUA awarded 141 grants totaling almost $1.3 million for digital services and security, 40 grants totaling almost $351,000 for leadership development and 22 grants totaling almost $398,000 for outreach to underserved communities.
The NCUA’s Office of Credit Union Resources and Expansion administers the Community Development Revolving Loan Fund.