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NCUA yesterday said its second round of 2015 grants to low-income credit unions totaled more than $2 million, making that the largest round issued in agency history.

The grants were disbursed among 225 credit unions under four initiatives funded through the Community Development Revolving Loan Fund:

• Digital growth: 82 grants totaling $735,778 were made to support the development of digital products such as electronic bill payment, an interactive website, mobile or home banking, etc.
• Fraud prevention and cybersecurity protection: 103 grants totaling $732,818 went to assist efforts such as training, converting debit or credit cards to EMV technology or obtaining a system test or risk assessment.
• Building capacity and growth: 14 grants totaling $299,950 were issued to allow credit unions to open new branches in underserved areas or relocate from a home-based to a non-residential location.
• New product and service development: 26 grants totaling $239,400 were given to help credit unions offer a new product or service (member business lending program, installation of a new ATM or asset-liability management model).

NCUA Chairman Debbie Matz said the agency received requests for more than $9.4 million from 580 low-income credit unions in this round of funding. This round "proved to be the largest in NCUA's history," she said.

"We were pleased and impressed at the response from so many credit unions," said William Myers. Myers heads the NCUA Office of Small Credit Union Initiatives, which manages the CDRLF.