NCUA data gathered from Callahan’s Peer Suite showed 445 credit unions had been awarded $107.2 million in grants from January through September 2024, of which they had received $49.3 million. Another 59 credit unions had received $11 million in grants that were awarded before 2024.

The $46.9 million in outstanding awards is a pittance for the credit union movement nationally, representing less than 0.1% of revenue for the nine months. However, the amounts are significant for many smaller credit unions that were owed grant money (see information below).

In June 2024, the NCUA said its Office of Credit Union Resources and Expansion planned to distribute about $3.4 million in Community Development Revolving Loan Fund grants to qualified low-income-designated credit unions and minority depository institution credit unions. In September, the NCUA said it had awarded $3.5 million in grants to 135 credit unions in 37 states.

CU Times asked the NCUA which grants might be affected and how much money was pending.

The NCUA replied: “We are assessing the applicability and potential impact of the directive on the NCUA’s Community Development Revolving Loan Fund grant and loan program.”

The Treasury Department also distributes grants to Community Development Financial Institutions (CDFIs).

Cathie Mahon, president/CEO of Inclusiv, which represents CDFI credit unions, said the group was “deeply concerned” about the freeze “given the critical role federal grant programs, like the CDFI Fund's grant programs, play in supporting the community development credit union movement and the communities credit unions serve.”

The two main credit union trade groups remained circumspect of the situation Tuesday.

“I think we're all seeking clarity on the situation,” the Defense Credit Union Council said in a written statement.

“While specific details have not been spelled out just yet, we are hoping for clarification soon. At this stage, the situation remains fluid.

“The impact will depend on which grants are affected, the amount of funding involved, and the importance of the specific grants to individual credit unions.

“We understand the President's commitment to evaluating government spending, being it a central issue of his campaign. We remain optimistic that he will recognize the critical role credit unions play in serving communities across America and the value of continued investment in their mission.”

Carrie Hunt, chief advocacy officer for America’s Credit Unions, said many credit unions use grants as a source of capital “to put dollars to work in communities.”

“The Community Development Financial Institution Fund and Community Development Revolving Loan Fund have long been essential to supporting low- to moderate-income households across the country,” Hunt said. “Newer grant programs also provide capital for home equity loans, electric vehicles, and other home improvements.

“America’s Credit Unions has provided agencies with our perspective on these programs and hope they will take that into consideration when assessing whether they are consistent with the Trump Administration’s policies and requirements, per the memorandum,” she said.

NCUA data showed 16 credit unions were owed $1 million or more in grants as of Sept. 30. They were:

• Verity Credit Union of Seattle ($750.3 million in assets, 37,075 members as of Sept. 30), which was awarded $2.9 million from January through September last year, but had received $0 by Sept. 30. The $2.9 million shortfall was 9.2% of its revenue.
• Lakota Federal Credit Union of Kyle, S.D. ($15.9 million in assets, 4,248 members), which was awarded $2.6 million, but had received $0 by Sept. 30. The $2.6 million shortfall was 103.6% of its revenue.
• First Imperial Credit Union of El Centro, Calif. ($206.2 million in assets, 22,849 members), which was awarded $5 million, but had only received $3 million by Sept. 30. The $2 million shortfall was 19.4% of its revenue.
• Centric Federal Credit Union of West Monroe, La. ($385.4 million in assets, 39,333 members), which was awarded $1.7 million, but had received $0 by Sept. 30. The $1.7 million shortfall was 8.7% of its revenue.
• Ft. Randall Federal Credit Union of Wagner, S.D. ($41.6 million in assets, 3,344 members), which was awarded $3.7 million, but had only received $2 million by Sept. 30. The $1.7 million shortfall was 65.5% of its revenue.
• Desco Federal Credit Union of Portsmouth, Ohio ($508.1 million in assets, 25,202 members), which was awarded $1.4 million, but had received $0 by Sept. 30. The $1.4 million shortfall was 9.1% of its revenue.
• Aneca Federal Credit Union of Shreveport, La. ($230.4 million in assets, 9,966 members), which was awarded $1.3 million, but had received $0 by Sept. 30. The $1.3 million shortfall was 16.7% of its revenue.
• Community South Credit Union of Chipley, Fla. ($235.5 million in assets, 14,621 members), which was awarded $1.3 million, but had received $0 by Sept. 30. The $1.3 million shortfall was 15.4% of its revenue.
• Alternatives Federal Credit Union of Ithaca, N.Y. ($166.4 million in assets, 13,321 members), which was awarded $1.3 million, but had received $0 by Sept. 30. The $1.3 million shortfall was 17.3% of its revenue.
• Green Country Federal Credit Union of Sand Springs, Okla. ($136.1 million in assets, 9,657 members), which was awarded $1.3 million, but had received $0 by Sept. 30. The $1.3 million shortfall was 22% of its revenue.
• Trust Federal Credit Union of Chattanooga, Tenn. ($125.8 million in assets, 8,335 members), which was awarded $1.3 million, but had received $0 by Sept. 30. The $1.3 million shortfall was 28% of its revenue.
• Carter Federal Credit Union of Springhill, La. ($763.8 million in assets, 34,736 members), which was awarded $1.5 million, but had only received $383,223 by Sept. 30. The $1.1 million shortfall was 4.7% of its revenue.
• Border Federal Credit Union of Del Rio, Texas ($243.5 million in assets, 27,503 members), which was awarded $1.1 million, but had received $0 by Sept. 30. The $1.1 million shortfall was 8% of its revenue.
• Tucoemas Federal Credit Union of Visalia, Calif. ($350.6 million in assets, 24,182 members), which was awarded $1.3 million, but had only received $200,000 by Sept. 30. The $1.1 million shortfall was 7.9% of its revenue.
• UNO Federal Credit Union of New Orleans ($34.8 million in assets, 4,181 members), which was awarded $1 million, but had received $0 by Sept. 30. The $1 million shortfall was 56.4% of its revenue.
• Pine Bluff Cotton Belt Federal Credit Union of Pine Bluff, Ark. ($70.4 million in assets, 5,965 members), which was awarded $1 million, but had received $0 by Sept. 30. The $1 million shortfall was 31.6% of its revenue.