ALEXANDRIA, Va.—NCUA will make up to $2 million available to low-income credit unions in the second round of Community Development Revolving Loan Fund grants for 2015, the agency announced Monday.
NCUA will accept applications from June 1 through June 30.
“Simply put, NCUA’s grants help low-income credit unions to perform better,” NCUA Board Chairman Debbie Matz said. “These investments support growth by allowing credit unions to offer expanded products and services, open branches to make those products and services more accessible, and provide greater security for their members.”
The four initiatives and maximum grant awards are:
- Building Capacity and Growth. NCUA plans to award grants up to $24,000 to credit unions interested in opening a new branch in underserved areas or relocating from a home-based to a non-residential location.
- Digital Growth. Up to $10,000 will be available for each eligible credit union to offer digital products to members, such as electronic bill payment, an interactive website, mobile or home banking, electronic or digital signatures, mobile or online loan applications and remote deposit capture.
- Fraud Prevention and Cybersecurity. New for 2015, NCUA will provide up to $7,500 to each eligible credit union to assist in developing its fraud prevention and cybersecurity efforts. Credit unions may use funds for cybersecurity training, to convert debit or credit cards to EMV technology, or obtain a system’s test or risk assessment.
- New Product Service Development. NCUA plans to award individual grants of up to $10,000 to credit unions that want to offer a new product or service such as implementation of a member business lending program, installation of a new ATM or an asset-liability management model.
Congress approved $2 million this year for NCUA’s Community Development Revolving Loan Fund, the single largest technical assistance appropriation in the history of the fund. NCUA’s Office of Small Credit Union Initiatives administers the grants. Credit unions can find more information or apply online here. Applicants may apply in each the four grant categories but the award maximum is $24,000.