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.
Half use the funds to launch a new product or service, the NCUA says.
WOCCU advocates for credit unions struggling under the weight of AML, BSA and other regulatory burdens.
Florida's largest credit union now carries the low income designation
Credit union groups paranoid DOJ could change its mind and reverse guidance that allows accounts for state-legal marijuana businesses.
Despite guidance from FInCEN and the DOJ, legal hurdles remain for state-legal marijuana business accounts.
Despite a new state law in Colorado legalizing recreational use, credit unions still worry marijuana business accounts will run afoul of federal regulations.
While financial institutions wait for guidance from the DOJ, credit union leagues in Colorado and Washington caution against opening accounts for state-legal weed businesses.
Mass signings result of effort by credit unions and consultancy.
The $311 million Freedom First Credit Union, headquartered in Roanoke, Va., won the $100,000 Next Seed Capital Award from the Opportunity Finance Network.