ALEXANDRIA, Va.–NCUA has awarded $75,000 in grants to three low-income, minority depository institution credit unions to support mentoring programs with larger credit unions.
The agency awarded mentoring grants to:
- Northern New Mexico School Employee Federal Credit Union, of Santa Fe, with Guadalupe Credit Union, also of Santa Fe, serving as mentor
- N.U.L. Federal Credit Union, of New York City, with 1199 SEIU Federal Credit Union, also of New York, serving as mentor
- F A B Church Federal Credit Union, of Savannah, Georgia, with Georgia Heritage Federal Credit Union, also of Savannah, serving as mentor
The grants were funded through the NCUA’s Community Development Revolving Loan Fund allocation. The agency’s mentoring program helps small, low-income, minority depository institutions establish mentoring relationships with larger low-income credit unions to provide expertise and guidance in serving low-income and underserved populations. The larger credit unions will offer technical assistance, such as building staff capacity through training and improvements to credit union operations, NCUA said.
“Mentoring relationships can help MDI credit unions, particularly those in rural and underserved communities, grow stronger and support their members and communities better,” NCUA Chairman Rodney E. Hood said. “The NCUA’s mentoring program is important to the promoting the broader goal of greater financial inclusion. I congratulate the grantees and look forward to hearing about the results of their efforts.”