NCUA Awards $1.9 Million to Low-Income Credit Unions

The NCUA has awarded $1.9 million in grants to help 155 credit unions improve service to low-income communities.

The grants announced Friday went to low-income designated credit unions serving 1.9 million members in 42 states, Puerto Rico and Washington, D.C. They include 31 first-time grant recipients and 58 minority depository institutions.

NCUA awarded $550,613 for digital services and security to 73 credit unions serving 550,341 members with $5.4 billion in assets.

The agency awarded $217,369 for training to 46 credit unions serving 465,534 members with $4.6 billion in assets and $161,925 for counselor certification to 35 credit unions serving 505,648 with $4.7 billion in assets.

The largest awards went to credit unions receiving grants to improve outreach to underserved communities. The 11 credit unions receiving those grants have $4.5 billion in assets and 384,000 members combined. They are:

• Holy Rosary Credit Union, Kansas City, Mo. ($23.6 million, 5,199 members) was awarded $100,000.
• Lower East Side People’s Federal Credit Union, New York ($56.3 million, 8,215 members) was awarded $100,000.
• Natco Credit Union, Richmond, Ind. ($90.8 million, 15,695 members) was awarded $100,000.
• We Florida Financial Credit Union, Margate, Fla. ($509.2 million, 46,811 members) was awarded $100,000.
• Greylock Federal Credit Union, Pittsfield, Mass. ($1.2 billion, 88,593 members) was awarded $100,000.
• Dupaco Community Credit Union, Dubuque, Iowa ($1.8 billion, 118,945 members) was awarded $100,000.
• Health Care Professionals Federal Credit Union, Richmond, Ind. ($25.3 million, 3,381 members) was awarded $99,000.
• Peoples Advantage Federal Credit Union, Petersburg, Va. ($69.7 million, 9,571 members) was awarded $97,700.
• Onomea Federal Credit Union, Papaikou, Hawaii ($18.4 million, 1,648 members) was awarded $75,000.
• Tampa Bay Federal Credit Union, Tampa, Fla. ($316.7 million, 32,224 members) was awarded $56,042.
• Pelican State Credit Union, Baton Rouge, La. ($397.3 million, 54,618 members) was awarded $45,000.

NCUA administers the grants. The latest round is part of $22.8 million Congress has provided to NCUA since 2001 from the Community Development Revolving Loan Fund.