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CDRLF grant applications now open
The NCUA began accepting applications for Community Development Revolving Loan Fund (CDRLF) grants this week. Low-income designated credit unions can submit applications through June 26 in three categories: Digital services and cybersecurity, minority depository institution (MDI) mentoring, and underserved outreach.
The agency plans to give out approximately $1.5 million in grants, according to the notice of funding opportunity. Amid the coronavirus pandemic, NAFCU fought for Congress to fully fund the CDRLF and the House Financial Services Committee is recommending providing $10 million to the fund, with money set aside for MDIs, in the fiscal year 2022 budget. The NCUA last year marked $1.3 million of its CDRLF to provide coronavirus assistance to low-income credit unions.
More information about grant requirements and application instructions is available here. Credit unions must have an active registration through the federal government's System for Award Management prior to applying for funding.
Here's a look at the grant categories:
Digital Services and Cybersecurity
With a max amount of $7,000, these grants are for credit unions to modernize, innovate, and protect their institutions and members against cyberattacks with the goal of increasing access to safe, secure digital financial products and services in low-income and underserved communities. The NCUA also encouraged credit unions to apply for this initiative to address challenges created by the coronavirus pandemic. Applicants can use the funds toward:
- implementation of mobile/online banking features;
- remote workforce management and solutions; and/or
- strengthening cybersecurity.
Minority Depository Institution (MDI) Mentoring
The NCUA began offering grants for its MDI mentoring program in 2019 and has provided six recipients with funds over the past two years. Last year, the NCUA released its annual report to Congress detailing the financial condition of MDIs which showed MDI credit unions served more than 3.9 million Americans and had assets of $40.5 billion in 2019.
With a max amount of $25,000, mentoring grants are provided to help credit unions establish a mentorship and meet these objectives:
- credit union growth and expansion, such as growing the membership or loan portfolio;
- improved management and operations, such as leadership training, developing new policy and procedure documents, or responding to exam or audit findings;
- increased credit union capabilities, such as introducing a new program or service or improving credit union systems; and/or
- other projects proposed by applicants and approved by the NCUA.
Underserved Outreach
With a max amount of $50,000, these grants are designed to help credit unions implement innovative outreach strategies to increase access to financial products and services in underserved communities with the goal of improving their financial health by closing the wealth gap, increasing equity, and expanding economic inclusion. Credit unions can use the funds to support projects such as:
- new or expanded outreach efforts, such as developing partnerships with other organizations to assist the needs of low wealth persons and households;
- new or expanded financial education programs, such as providing small business or workforce training for minorities interested in starting and growing a business; or
- new or expanded financial products or services, such as developing and implementing a new product or program tailored to underserved and minority groups, like a first-time homeowner program.
NAFCU continues to advocate for all credit unions to have the ability to add underserved areas to their fields of membership and, as lawmakers look to bolster financial access and equity, argues that credit unions are well positioned and willing to fill gaps left by others in the financial services system. The association also works closely with the NCUA on the agency's ACCESS initiative.
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