NCUA awards $75K in mentoring grants
The National Credit Union Administration awarded a total of $75,000 in mentoring grants to a trio of low-income, minority depository credit unions. The funding will support programs facilitated through mentor partnerships with three larger institutions aimed at reaching low-income and underserved consumers.
The three credit unions receiving grant funds are:
- Northern New Mexico School Employee Federal Credit Union (headquartered in Santa Fe, N.M., with $25.8 million in assets), mentored by Guadalupe CU, also in Santa Fe.
- N.U.L. FCU (headquartered in New York, with $235,000 in assets), mentored by 1199 SEIU FCU, also in New York.
- F.A.B. Church FCU (headquartered in Savannah, Ga., with $250,000 in assets), mentored by Georgia Heritage FCU, also in Savannah.
“Mentoring relationships can help MDI credit unions, particularly those in rural and underserved communities, grow stronger and support their members and communities better,” NCUA Chairman Rodney Hood said in a press release Wednesday. “The NCUA’s mentoring program is important to the promoting the broader goal of greater financial inclusion. I congratulate the grantees and look forward to hearing about the results of their efforts.”
NCUA initially announced up to $125,000 in available grant funding but only awarded $75,000. An agency spokesman said the remaining funds would be put toward providing additional urgent-needs grants for credit unions. The agency had initially planned to close out the application period on June 30 but later extended the deadline.
The number of MDI credit unions continues to decline, according to an NCUA report, falling nearly 18% between 2015 and 2019.
This story was updated at 3:57 P.M. on Sept. 10, 2020.