ALEXANDRIA, Va. — NCUA is encouraging low-income credit unions to apply for the agency's latest round of technical assistance grants.
"NCUA recognizes the unique role that low-income credit unions play in the lives of their members," said NCUA chairman Debbie Matz in a statement. "NCUA is therefore committed to helping these credit unions to succeed."
Matz explained that these grants from the Community Development Revolving Loan Fund will help credit unions improve service through staff training and give internship opportunities to young people who might become future credit union leaders.
Congress has approved $2 million in funding for the Community Development Revolving Loan Fund for fiscal 2015, the first such funding increase since 2003. The increase will return funding to 1999 levels.
NCUA said it will provide at least $360,000 in funding during the first 2015 grant round. Credit unions will be able to apply online between Feb. 2 and March 3.
All told, funding will be available for more than 100 low-income credit unions to pay for training staff or volunteers and providing students with hands-on experience in credit unions. Eligible credit unions may apply for both initiatives.
In the first round, NCUA said, there will be two grant categories. In the first category, under staff or volunteer training, $3,000 will be available for selected credit unions to pay for in-person or web-based training including compliance, lending and collections, and business operations.
NCUA will allocate $150,000 for this initiative.
In the second grant category, for student internships, up to $4,000 will be available to each credit union to hire students enrolled in high school or college. NCUA is allocating more than $200,000 for this initiative.
