Second Round for LICUs
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 Aug. 1.
“Low-income credit unions are working very hard to serve their members and communities, and the NCUA supports those efforts in many ways, including by awarding these grants,” NCUA Board Chairman Debbie Matz said.
The 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.