Low-income credit unions that need help digging out from under Hurricane Sandy can access grants, the NCUA said Tuesday.
Community Promise FCU in Kalamazoo sponsored by same organization that sponsored one that vanished by merger last month in nearby Battle Creek.
Lakota Federal Credit Union will be a low-income designated credit union.
Low-income designated credit union is the first new charter for 2012.
More than 100 small credit unions awarded grants from among 331 applicants seeking more than $5 million.
NCUA Chairman Debbie Matz attended an Aug. 7 meeting in the White House’s Roosevelt Room in which President Barack Obama announced that low-income designated credit union lending would be included in the administration’s latest drought-relief package.
Says serving low-income communities has its challenges, but the additional planning and attention to projections and risk management are worth the effort.
Agency offers streamlined opt-in to 1,003 credit unions as part of White House drought relief package. Says move could double LICU lineup.
NCUA Board chair says low-income credit unions are growing stronger, lending more than other types of financial institutions.
House panel to meet on June 20 and probe the Consumer Financial Protection Bureau’s mandate to combine residential mortgage disclosures.