The National Credit Union Administration (NCUA) provided more than $1.8 million in grants to help 251 low-income credit unions expand digital services to underserved communities, provide leadership training, and improve cybersecurity.
The NCUA awarded 151 grants, totaling $1,065,395, to help credit unions expand financial access to underserved communities through digital products and to help credit unions do a better job of protecting members’ information.
Further, the agency awarded 57 grants, totaling $504,190, to help credit unions provide leadership training to staff.
In addition, the NCUA awarded 43 grants, totaling $283,500, to help credit unions improve technology systems and enhance their capacity to serve low-income members.
Congress established the fund to provide grants and loans to credit unions serving low-income communities. Since 2001, Congress has provided the NCUA with more than $18.8 million for these grants. The grant funding comes from the Community Development Revolving Loan Fund, which offers grants and loans to credit unions serving low-income communities.
It is administered by NCUA’s Office of Small Credit Union Initiatives, which fosters credit union development and the effective delivery of financial services for small credit unions, new credit unions, minority depository institutions and credit unions with a low-income designation.
A list of grantees is available on the NCUA’s Office of Small Credit Union Initiatives’ grants information page.