ALEXANDRIA, Va. – NCUA has awarded $100,000 in grants to four minority depository institution credit unions to support mentoring programs with larger institutions.
“Advancing economic equity and justice is a goal that fully aligns with the credit union system’s mission of meeting the credit and savings needs of members, especially those of modest means,” NCUA Chairman Todd M. Harper said in a statement. “Through these mentoring grants, we can support credit unions with both the minority depository institution and low-income designations to improve performance, products, and services. In turn, these credit unions will be better able to provide safe, fair, and affordable financial services to their members.”
Each grant is $25,000 and will help the MDI credit unions improve operations and services to members, according to the agency.
The agency awarded grants to:
- Richmond Heritage FCU, Richmond, Va., with Self-Help Federal Credit Union, Durham, N.C., serving as mentor
- Israel Methcomm FCU, Chicago, with Maternity B.V.M. Credit Union, Bourbannais, Ill., serving as mentor
- Park Manor Christian Church Credit Union, Chicago, with Maternity B.V.M. Credit Union serving as mentor
- Southeastern Arizona FCU, Douglas, Ariz., with MariSoL FCU, Phoenix, serving as mentor.
Objective of Program
The agency said the MDI mentoring grants program is funded through its Community Development Revolving Loan Fund allocation. The program helps small, low-income, minority depository credit unions establish mentoring relationships with larger, low-income-designated credit unions that provide guidance in serving low-income and underserved communities.