In April, when the NCUA announced the CDRLF grant application window, officials said they will select "the most-qualified applicants" to receive the money. The grant money will be awarded in five categories. The categories published by the NCUA included:

Underserved Outreach (maximum award of $50,000): Helping credit unions expand safe, fair and affordable access to financial products and services to underserved communities and improve the financial well-being of their members.
MDI Capacity Building (maximum award of $50,000): Preserving MDI credit unions and increasing their ability to thrive and serve minority populations.
Consumer Financial Protection (maximum award of $10,000): Ensuring credit unions have the resources and expertise to protect credit union members, raise awareness of potential frauds, and facilitate access to fair and affordable financial services.
Digital Services and Cybersecurity (maximum award of $10,000): Providing assistance to credit unions to modernize information and security systems to better protect themselves and their members from cyberattacks.
Training (maximum award of $5,000): Strengthening credit unions through succession planning, leadership development, staff education and professional development.

The NCUA also included two new grant initiatives during this CDRLF funding round. They are:

Impact Through Innovation (maximum award of $100,000): A pilot initiative addressing underserved communities by focusing on banking deserts, affordable housing, credit invisibles and fintechs.
Small Credit Union Partnership (maximum award of $50,000): A pilot initiative helping small credit unions pool their resources to help them achieve their growth objectives.

In April, NCUA Board Chairman Todd Harper said, "This year, we have new opportunities for credit unions that are considering applying for a 2023 CDRLF grant. Congress more than doubled the CDRLF funding for 2023 and added minority depository credit unions as eligible institutions. So, both low-income credit unions and minority depository institutions can now use CDRLF grants to build capacity, invest in their communities, reach under-resourced populations, and provide their members with products and services to strengthen their economic security."

Instant Insights /

NCUA Extends CDRLF Grant Application Deadline to July 7

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