ALEXANDRIA, Va.–NCUA is reminding that June 30 is the deadline for low-income and MDI credit unions to submit applications for Community Development Revolving Loan Fund grants. NCUA has also released the June 2023 update of its Simplified CECL Tool.
The agency said all the necessary information a credit union needs to apply is available on the Grants page of the its website, NCUA.gov.
NCUA said it will offer technical grants in five categories—Underserved Outreach, MDI Capacity Building, Consumer Financial Protection, Digital Services and Cybersecurity, and Training—and in two pilot programs: Impact Through Innovation and Small Credit Union Partnerships.
Grant applications must be submitted online through the NCUA’s CyberGrants portal. Credit unions with either a low-income or minority depository institution designation are eligible to apply. Credit unions with questions on the 2023 grant round may contact the NCUA’s Office of Credit Union Resources and Expansion at CUREAPPS@ncua.gov, NCUA said.
Additional Information
To apply for a CDRLF grant, a credit union must have a current account with the System for Award Management, or SAM, and a unique entity identifier number they will receive when they create a SAM account. Credit unions that have an existing SAM account must recertify and maintain an active account annually. SAM users may register or recertify their accounts by following the system’s registration instructions.
There is no charge for registering or recertifying a SAM account, NCUA said.
Simplified CECL Tool
In addition, NCUA has released the June 2023 update of its Simplified CECL Tool, which includes the latest life-of-loan, or Weighted Average Remaining Maturity, factors and additional minor enhancements.
CECL became effective Jan. 1, 2023, for most credit unions.
For credit unions that started using the Simplified CECL Tool in the first quarter of 2023, the June 2023 release is provided to determine the credit loss expense, or provision for credit losses, for the quarter that ends June 30, 2023, the agency said.
NCUA noted that for credit unions that adopted CECL in the second quarter of 2023, the June 2023 Call Report will include the day-one adjustment to undivided earnings and the credit loss expense since the date of CECL adoption.
A Means to Make Estimates
“The Simplified CECL Tool is provided to credit unions as a means to estimate the allowance for credit losses on loans and leases,” the agency said. “The NCUA implements quarterly updates to enable a credit union to use the Tool before its books are closed and it makes its quarterly NCUA Call Report submission.”
To obtain the latest version, NCUA is pointing credit unions to The Simplified CECL Tool page where they can click on “Download the Latest Simplified CECL Tool.”
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