The $1.1 trillion negotiated budget deal worked out earlier this month by lawmakers in the House and Senate includes money for two programs used by credit unions.
The $1.1 trillion agreement includes $1.2M for the Community Development Revolving Loan Fund and $226M for the CDFI Fund. WOCCU received $275M.
Agency says more than 2,000 credit unions now carry low income designation.
Dodd-Frank requires report to Congress.
Comment letters responding to an NCUA proposal to create a Dodd-Frank mandated Minority Depository Institution preservation program generally support the effort, but some question the costs and need to create a new program.
The NCUA announced Aug. 28 that 126 low-income credit unions are sharing $871,597 from the agency’s 2013 Community Development Revolving Loan Fund’s grant round.
Community Development Revolving Loan Fund grants announced by NCUA.
Matz in Detroit at AACUC, Fryzel in Boston at AACUL.
NCUA says $80,000 awarded for internships at 22 low-income credit unions in 16 states.
Agency earmarks $80,000 for program, enough for 20 awards of $4,000 each.