ALEXANDRIA, Va.–NCUA said it has awarded $1.5 million in Community Development Revolving Loan Fund grants to help 105 low-income credit unions expand outreach to underserved communities and improve digital services and security.
The agency reported the awarded grants ranged from $1,500 to $50,000 to credit unions in 35 states and the District of Columbia. The $50,000 grants went to 16 credit unions; there were also grants of more than $30,000 to five credit unions.
Sixteen credit unions were first-time grant recipients, according to NCUA. Thirty-three grantees were minority depository institutions.
Awards in 2 Categories
NCUA said it made awards in two categories:
- Underserved outreach: 22 grants totaling $1,006,190
- Digital services and cyber security: 83 grants totaling $529,517
During the 2021 grant round, the agency reported it received 280 grant applications totaling more than $4.6 million.
“At the NCUA we are working to address priorities like closing the wealth gap and strengthening cybersecurity resilience,” NCUA Chairman Todd M. Harper said in a statement. “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.
A Call for More Funding
“Year after year, demand for CDRLF funding continues to exceed supply. That is why I continue to request that Congress increase funding for CDRLF grants,” Harper added. “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.”
NCUA noted its Office of Credit Union Resources and Expansion administers CDRLF grant funding to provide grants to credit unions serving low-income communities.