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NCUA grants $2M to low-income CUs; NAFCU urges continued funding
The NCUA awarded grants totaling $2 million to 203 low-income credit unions through the Community Development Revolving Loan Fund (CDRLF), the agency announced Wednesday. Throughout this year, NAFCU has urged Congress to fully fund the CDRLF and the Treasury's Community Development Financial Institutions (CDFI) Fund to ensure credit unions can continue to provide financial stability for low-income members and their families.
The NCUA received applications from 243 credit unions for $2.5 million. The agency's Office of Credit Union Resources and Expansion administers the grant funding provided by the CDRLF.
Grants were awarded in three areas: digital services and security ($1.25 million); leadership development ($350,760); and underserved outreach ($397,570).
When Congress returns to Washington Nov. 13 for the lame duck session, they will finish work on the financial services and general government (FSGG) appropriations measure, along with other government spending provisions. NAFCU has heavily advocated for full funding for the CDRLF and CDFI Fund, which is included in the Senate-passed version of the bill.