WASHINGTON – Credit unions and other financial institutions wanting to participate in the Treasury Department's First Accounts Program can submit applications beginning December 27 through March 20, according to the notice published in the Federal Register.

The program's goal is to involve more `unbanked' and moderate-and low-income households in the financial services arena. The program will provide up to $8 million in aggregate grants to qualified, insured depository institutions. Eligible institutions include, but are not limited to, insured depository institutions, financial services electronic networks, employers of `unbanked' moderate- and low-income persons, community development financial institutions, non-profit organizations, state and local governments, Indian Tribal Governments, and labor organizations.

Funds will only be given to projects that intend to begin new activities or expand existing ones and, at a minimum, propose to provide low-cost electronic, checking or other types of accounts to the `unbanked.'

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.