NCUA official seal. Credit/NCUA
After extending the Community Development Revolving Loan Fund (CDRLF) grant application timeframe this summer, the NCUA announced Thursday that 142 low-income and minority depository institutions (MDIs) were given millions of dollars to provide valuable financial help to the communities served by these credit unions.
In a statement, the NCUA said it was able to award these credit unions $3.1 million in CDRLF grant money. The credit unions, according to the NCUA, are located in 40 states and the District of Columbia. Forty-two of the credit unions are MDIs and 23 were first-time applicants.
NCUA Board Chairman Todd Harper was thankful that Congress opened up the wallet a little more this year to help these very important organizations. "For 2023, Congress provided more funding and allowed MDI-designated credit unions to qualify for CDRLF grants, enabling the NCUA to provide greater support to more institutions. These grants have a track record of success. Qualifying low-income and MDI-designated credit unions use these needed funds to create innovative products, provide financial education and broaden access to safe, fair and affordable financial products and services. This expands opportunity and assists members and communities nationwide in building financial security."
The NCUA stated the grants awarded ranged from $1,000 to $50,000. The award categories, according to the agency, broke down as follows:
- Underserved Outreach: 26 grants totaling $1,265,000
- MDI Capacity Building: 23 grants totaling $1,079,200
- Digital Services and Cybersecurity: 79 grants totaling $725,900
- Training: 12 grants totaling $59,600
- Consumer Financial Protection: Two grants totaling $16,500
This year, the NCUA received 290 grant applications totaling more than $7.7 million.
READ MORE: The full list of 2023 CDRLF Grant Awardees.
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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.
