The NCUA announced on Wednesday that it has awarded 105 Community Development Revolving Loan Fund grants to 105 low-income credit unions, including five in New York state. The grants are intended to help credit unions expand outreach to underserved communities and improve digital services and security.
Credit unions in New York state that were awarded grants include:
- Encompass Niagara FCU in Niagara Falls;
- Paul Quinn FCU in Flushing;
- Local 804 FCU in Long Island;
- Cadets FCU in Buffalo; and
- New Covenant Dominion FCU in the Bronx.
In total, the NCUA awarded grants ranging from $1,500 to $50,000 to credit unions in 35 states and the District of Columbia, according to the agency. Sixteen credit unions were first-time grant recipients, while 33 grantees were minority depository institutions, according to the agency.
The NCUA made awards in two categories:
- underserved outreach: 22 grants totaling $1,006,190; and
- digital services and cyber security: 83 grants totaling $529,517.
During the 2021 grant round, the NCUA received 280 grant applications totaling more than $4.6 million.
The NCUA’s Office of Credit Union Resources and Expansion administers CDRLF grant funding to provide grants to credit unions serving low-income communities. The office also supports low-income-designated credit unions; credit unions interested in a low-income designation; minority credit unions; credit unions seeking changes in their charters, bylaws, or fields of membership; and groups organizing to start new credit unions.
The complete list of 2021 grant awardees can be viewed on the NCUA website.