The National Credit Union Administration (NCUA) earmarked $1.5 million in Community Development Revolving Loan Fund (CDRLF) grants to aid low-income credit union outreach initiatives.
Officials indicated the funding allotment would assist 105 sites with outreach expansion within underserved communities while also enhancing digital services and security.
“At the NCUA, we are working to address priorities like closing the wealth gap and strengthening cybersecurity resilience,” NCUA Chairman Todd M. Harper said. “With these CDRLF grants, small, low-income and minority credit unions will have more capacity to serve low-income communities and bolster cybersecurity defenses. That is a good thing for credit unions and their members.”
Authorities noted the funding allotments ranged from $1,500 to $50,000 to credit unions in 35 states and the District of Columbia — with 22 grants totaling $1,006,190, focusing on underserved outreach while 83 grants totaling $529,517 were dispersed to address digital services and cyber security.
“Year after year, demand for CDRLF funding continues to exceed supply,” Harper said. “That is why I continue to request that Congress increase funding for CDRLF grants. More funding would allow the NCUA to increase grant sizes and support more initiatives that expand access to safe and affordable financial services for underserved communities.”