NCUA Awards Grants to Assist Low-Income Credit Unions

ALEXANDRIA, Va. (Sept. 1, 2021) – The National Credit Union Administration awarded $1.5 million in Community Development Revolving Loan Fund grants to help 105 low-income credit unions expand outreach to underserved communities and improve digital services and security.

“At the NCUA, we are working to address priorities like closing the wealth gap and strengthening cybersecurity resilience,” NCUA Chairman Todd M. Harper said. “With these CDRLF grants, small, low-income, and minority credit unions will have more capacity to serve low-income communities and bolster cybersecurity defenses. That is a good thing for credit unions and their members.”

The NCUA awarded grants ranging from $1,500 to $50,000 to credit unions in 35 states and the District of Columbia. Sixteen credit unions were first-time grant recipients. Thirty-three grantees were minority depository institutions. The NCUA made awards in two categories:

• Underserved outreach: 22 grants totaling $1,006,190
• Digital services and cyber security: 83 grants totaling $529,517

During the 2021 grant round, the agency received 280 grant applications totaling more than $4.6 million.

“Year after year, demand for CDRLF funding continues to exceed supply. That is why I continue to request that Congress increase funding for CDRLF grants,” Harper added. “More funding would allow the NCUA to increase grant sizes and support more initiatives that expand access to safe and affordable financial services for underserved communities.”

The NCUA’s Office of Credit Union Resources and Expansion administers CDRLF grant funding to provide grants to credit unions serving low-income communities. The Office also supports low-income-designated credit unions; credit unions interested in a low-income designation; minority credit unions; credit unions seeking changes in their charters, bylaws, or fields of membership; and groups organizing to start new credit unions.