ALEXANDRIA, Va.–NCUA has awarded more than $3.5 million in Community Development Revolving Loan Fund grants to 135 low-income-designated credit unions.
The agency said it awarded grants ranging from $1,100 to $100,000 to credit unions in 37 states. Thirty-nine grantees were minority depository institutions, which received a total of nearly $1.4 million. Eighteen grantee credit unions were first-time applicants.
“Community Development Revolving Loan Fund grants can provide the seed money needed for credit unions serving low-income members and under-resourced communities to grow small ideas into big initiatives that build intergenerational wealth and change lives,” NCUA Chairman Todd M. Harper said in a statement. “These grants also assist credit unions in reaching more people with the safe, fair, and affordable financial products and services they need, promoting consumer education, building staff capacity, and providing greater online security for their members.”
Six Categories of Awards
NCUA said it made awards in six categories:
- Underserved Outreach: 26 grants totaling $1,255,087
- MDI Capacity Building: 26 grants totaling $1,154,500
- Digital Services and Cybersecurity: 66 grants totaling $629,200
- Impact Through Innovation: 4 grants totaling $400,000
- Training: 11 grants totaling $52,500
- Consumer Financial Protection: 2 grants totaling $20,000
271 Applications Filed
NCUA said that as part of the 2024 grant round, the agency received 271 grant applications requesting more than $8.3 million.
Information about CDRLF grants and a complete list of awardees are available on the NCUA website.
Ombudsman’s Annual Report Released
Separately, NCUA has released its inaugural Office of the Ombudsman 2023 Annual Report. The report highlights information and statistical data on the Ombudsman’s core programs, stakeholder feedback from the Post Examination Survey, and lessons learned, the agency said.
In addition to defining the Ombudsman Office’s standards of practice and the conditions under which someone should contact the Ombudsman Office, NCUA said the report provides information on the:
- Dispute Resolution Program
- Case Management and Data Analysis Program
- Stakeholder Engagement and Outreach Program
Requests Received
In 2023, the agency said its Ombudsman Office fielded 79 information requests, resolved 449 inquiries, and conducted four independent reviews.
“Lessons learned include the need for proactive and collaborative engagement and leveraging survey analytics,” NCUA said.