ALEXANDRIA, Va.–Three low-income credit unions designated as minority depository institutions will build mentoring programs with three larger institutions with the help of NCUA grants, the agency said.
The agency awarded a total of $74,875 in grants to:
- Fidelis Federal Credit Union of New York City, which will be mentored by Neighborhood Trust Federal Credit Union, also of New York City
- Southern Teachers and Parents Federal Credit Union of Baton Rouge, La., which will be mentored by ECFU Financial of Baton Rouge
- District Government Employees Federal Credit Union of Washington, D.C., which will be mentored by Local Government Federal Credit Union, of Raleigh, N.C.
“I’m delighted we could help these small credit unions establish relationships with larger institutions to help them grow and thrive,” NCUA Chairman Rodney E. Hood said. “These grants are in keeping with the agency’s efforts to support and preserve minority depository institutions, which are so vital to providing affordable financial services and investments to their communities.”
Part of Pilot Program
NCUA said it awarded the grants under its pilot MDI mentoring program, which will help small low-income minority depository institutions establish mentoring programs with larger low-income credit unions that can provide expertise and guidance in serving low-income and underserved populations.
According to the agency, the larger credit unions will provide technical assistance, such as building staff capacity through training, improvements to credit union operations, and assistance with modernization processes. NCUA said it will use the results of the pilot program to explore the possibly expanding the initiative in the future.