The National Credit Union Administration (NCUA) this week reported that 309 low-income credit unions received almost $2.5 million in grants.
The grants were awarded in four initiative areas -- capacity and growth, cybersecurity, student internships, and staff training.
Among the grant recipients were some very large credit unions with low-income designations.
For example, $1.2 billion Goldenwest FCU (Ogden, UT) received a grant of $15,000.
Other large credit union grant recipients are the $2.4 billion Safe CU (Folsom, CA), the $1.3 billion Selco Community Credit Union (Eugene, OR), the $2.3 billion Grow Financial Credit Union (Tampa, FL), and the $2.3 billion Spokane Teachers Credit Union (Liberty Lake, WA). This list is not meant to be exhaustive.
While the amounts awarded to these large credit unions were relatively small, I believe that these grants would have made a bigger impact to small credit unions serving low-income and underserved markets.
NCUA’s Office of Small Credit Union Initiatives administers the grant funding provided by the Community Development Revolving Loan Fund, which is appropriated by Congress.
Read the press release.
Review the list of grant recipients.
What is going on at a federal agency that is handing money out for this when assessments on credit unions are coming from medallion loans?
ReplyDeleteAnd the fund lost money 2 quarters in a row?
And wouldn't the money be better used by plugging a small part of the fraud hole?
Unbelievable.
These funds are appropriated by Congress. The funds cannot be used for the NCUSIF.
ReplyDelete