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NCUA last week invited proposals for collaborative projects involving low-income credit unions and said grants of up to $50,000 are available for those resulting in long-term savings to a credit union.

"Pursuing collaborations and developing new and innovative best practices can assist small credit unions competing in today's marketplace and add value to their membership," NCUA Chairman Debbie Matz said. "This grant initiative will allow low-income credit unions to tap into their wealth of experience and create solutions to apply across the industry. In my experience, some of the best solutions come directly from members or employees."

To qualify, a single low-income designated credit union must partner with at least one other credit union, with the option to include other entities such as state leagues and associations, additional credit unions, credit union service organizations and third-party vendors, NCUA said in an announcement.

NCUA's Office of Small Credit Union Initiatives (OSCUI) will accept applications from Feb. 15 to March 15. NCUA will announce the winning proposal no later than April 12, 2013. Funding will be made through the Community Development Revolving Loan Fund.

For criteria and instructions on how to apply, read NCUA's full announcement.