NCUA Awards $1 Million Plus in LICU Grants
Low-income credit unions received more than $1 million from the second round of the NCUA’s Community Development Low Income Grant’s this year, the agency announced Friday.
“Low-income credit unions are working very hard to serve their members and communities, and NCUA supports those efforts in many ways, including by awarding these grants,” NCUA Board Chairman Debbie Matz said. “These grants help the credit unions improve people’s lives and offer needed affordable financial services.”
NCUA announced 174 credit unions shared the 204 grants that made up this award round. Of the 204, 105 supported the provision of a new product or service ($693,000); 76 supported staff or volunteer training ($228,000); 21 financed credit union efforts to earn recognition from the U.S. Treasury Department as community development financial institutions and two grants supported collaboration between credit unions to achieve a variety of streamlining and/or cost cutting efficiencies.
NCUA has approved 331 low income credit unions worth $1.57 million since the start of 2014, the agency said.