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The NCUA announced Wednesday it has awarded $75,000 in grants to three low-income, minority depository institution credit unions in New Mexico, New York and Georgia to support mentoring programs with larger credit unions.
"Mentoring relationships can help MDI credit unions — particularly those in rural and underserved communities — grow stronger and support their members and communities better," NCUA Chairman Rodney E. Hood said. "The NCUA's mentoring program is important to the promoting the broader goal of greater financial inclusion."
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The agency awarded mentoring grants to:
- Northern New Mexico School Employees Federal Credit Union, Santa Fe, N.M. ($25.8 million, 1,753 members) with Guadalupe Credit Union of Santa Fe ($209.5 million, 22,419 members) serving as mentor;
- N.U.L. Federal Credit Union, New York City ($235,022, 88 members) with 1199 SEIU, New York City ($83.4 million, 19408 members) serving as mentor; and
- FAB Church Federal Credit Union, Savannah, Ga. ($250,511, 262 members) with Georgia Heritage Federal Credit Union of Savannah ($113.8 million, 11724 members) serving as mentor.
The awards represented the second round of grants under the program, with each receiving the maximum of $25,000 per credit union. The awards were from a pool of $125,000 available for the round announced in April.
At the time Hood said the grants were especially needed by minority depository institutions to help relieve economic disruptions that would hit underserved communities hardest.
The grants were funded through the NCUA's Community Development Revolving Loan Fund allocation.
The agency's mentoring program helps these small credit unions build mentoring relationships with larger low-income credit unions, which provide expertise and guidance in serving low-income and underserved populations. The larger credit unions provide technical assistance, such as building staff capacity through training and improvements to credit union operations.
In last year's pilot round, the agency had a pool of $125,000 and funded $74,875 through three grants for projects that began Jan. 1.
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Jim DuPlessis
Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.
