203 Low-Income CUs Awarded $2 Million in Grants

The National Credit Union Administration announced that it has awarded $2 million in grants to help 203 low-income credit unions improve digital services and security, increase outreach to underserved communities, and train employees.

Grant awards ranged from $1,300 to $20,000.

The NCUA made awards in three categories:

• Digital services and security: 141 grants totaling $1,251,670;
• Leadership development: 40 grants totaling $350,760; and
• Underserved outreach: 22 grants totaling $397,570.

Some of these grants went to large credit unions, including $2.1 billion GTE FCU (Tampa, FL), $2.3 billion Nusenda FCU (Albuquerque, NM), $628 million Notre Dame (Notre Dame, IN), and $926 million Park Community CU (Louisville, KY).

However, is the awarding of grants to large credit unions, which probably have the resources to fund these initiatives on their own, the best use of these grants?

Read the press release.