NCUA Announces New TAGs for Mentoring of LICUs

ALEXANDRIA, Va.-NCUA recently unveiled a new technical assistance grant program to help offset the costs of mentoring initiatives with low-income designated credit unions. The agency has set aside $50,000 from the Community Development Revolving Loan Fund for the new Mentoring Initiative technical assistance grants. Typically TAGs are available only to low-income designated credit unions, but these grants are for well-run credit union looking to create mentor relationships with low-income credit unions. The average grant size is expected around $5,000. “These grants are available to help low-income credit unions provide greater access to affordable financial services in the many underserved areas across America where it is most needed,” NCUA Chairman JoAnn Johnson said. “A mentor relationship with a credit union can provide excellent resources to smaller, low-income institutions.” According to NCUA, the grants can be used to help defray the costs of developing mentoring contracts and procedures, operational costs (including electricity, computers, ATMs, rental space, and software upgrades), legal assistance, printing and reproduction, supplies, rental of office equipment, marketing, and travel expenses related to the mentoring relationship.