4 CUs Split $100,000 in MDI Mentoring Grants From NCUA

On Tuesday, the NCUA awarded $100,000 in mentoring grant money to be divided between four different minority depository institution (MDI) credit unions. The four credit unions will each use the $25,000 to create and support mentoring programs with larger MDI credit unions.

“Advancing economic equity and justice is a goal that fully aligns with the credit union system’s mission of meeting the credit and savings needs of members, especially those of modest means,” NCUA Chairman Todd M. Harper said. “Through these mentoring grants, we can support credit unions with both the minority depository institution and low-income designations to improve performance, products and services. In turn, these credit unions will be better able to provide safe, fair and affordable financial services to their members.”

According to the NCUA, the grant money will help the four credit unions “improve operations and services to members” through the mentoring programs.

The four credit unions to receive the grant money were:

1. Richmond Heritage Federal Credit Union in Richmond, Va., with Self-Help Federal Credit Union in Durham, N.C., serving as mentor;

2. Israel Methcomm Federal Credit Union in Chicago, with Maternity B.V.M. Credit Union in Bourbannais, Ill., serving as mentor;

3. Park Manor Christian Church Credit Union in Chicago, with Maternity B.V.M. Credit Union serving as mentor; and

4. Southeastern Arizona Federal Credit Union in Douglas, Ariz., with MariSoL Federal Credit Union in Phoenix serving as mentor.

According to the NCUA, the MDI mentoring grants program is funded through the NCUA’s Community Development Revolving Loan Fund allocation. “The program helps small, low-income, minority depository credit unions establish mentoring relationships with larger, low-income-designated credit unions that provide guidance in serving low-income and underserved communities,” the NCUA said in a statement.