NCUA Board chair says low-income credit unions are growing stronger, lending more than other types of financial institutions.
Board member says agency not "trying to kill small credit unions." Utah league exec recounts typical exchange: "You'll make it. But others won't."
The NCUA announced that low-income designated credit union could begin applying last week for grants and low-rate loans. The NCUA also posted a new YouTube video about the Community Development Revolving Loan Fund application process.
Community Development Revolving Loan Fund has $1.3 million available for grants and $11 million for lending ib 2012.
NCUA Board Chairman Debbie Matz recently announced the appointment of Martha J. Ninichuk as deputy director of the Office of Small Credit Union Initiatives.
Ninichuk joins agency from Michigan Credit Union League.
The video explains the Office of Small Credit Union Initiatives' four major programs – training, loans and grants, partnership and outreach, and direct assistance.
The roughly 73,000 people who live in Wilmington, Del., will likely have another financial institution to choose from later this month when the first CU chartered in 2011 opens its doors.
The First State is the venue of the first new credit union chartered by the NCUA this year.
Funds for multiple purposes available to low-income credit unions through CDRLF.