Lobby of the NCUA.
On Thursday, the NCUA released a list of 90 low-income credit unions that were awarded a combined $1.5 million in Community Development Revolving Loan Fund grants to "expand outreach to underserved communities, participate in mentoring relationships, receive training, and improve digital services and security."
In a statement, NCUA officials said the awarded grant amounts ranged from $1,400 to $50,000 for credit unions in 43 states and the District of Columbia.
"Low-income credit unions are on the frontlines of expanding access to safe, fair and affordable credit, and these grants to credit unions will allow those institutions to expand services, build capacity, create professional support networks and bolster their capacity to withstand cyberattacks," NCUA Chairman Todd Harper said. "Again this year, we have seen the need far exceed our available resources, so I am very pleased that Congress is considering increasing the annual allocation. With more money, the NCUA will be able to make more grants and bigger grants through the Revolving Loan Fund."
According to the NCUA, 28 of the 90 credit unions were first-time grant recipients and 16 were minority depository institutions. The grants were awarded in four categories:
1. Underserved outreach: 21 grants totaling $943,488.
2. Small Low-Income Credit Union mentoring: Three grants totaling $75,000.
3. Digital services and cyber security: 52 grants totaling $484,165.
4. Training: 14 grants totaling $64,510.
According to Thursday's statement, the NCUA received 220 grant applications totaling more than $4.7 million.
A full list of the grant recipients can be found on the NCUA's website.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
