The NCUA announced that it has awarded $100,000 in grants to four MDI credit unions to support mentoring programs with larger institutions.
Each grant is $25,000 and will help the MDI credit unions improve operations and services to members. The agency awarded grants to:
- Richmond Heritage FCU, Richmond, Va., with Self-Help FCU, Durham, N.C., serving as mentor;
- Israel Methcomm FCU, Chicago, with Maternity B.V.M. Credit Union, Bourbannais, Ill., serving as mentor;
- Park Manor Christian Church Credit Union, Chicago, with Maternity B.V.M. Credit Union serving as mentor; and
- Southeastern Ariz. FCU, Douglas, Ariz., with MariSoL FCU, Phoenix, Ariz., serving as mentor.
The MDI mentoring grants program is funded through the NCUA’s Community Development Revolving Loan Fund allocation. The program helps small, low-income, minority depository credit unions establish mentoring relationships with larger, low-income-designated credit unions that provide guidance in serving low-income and underserved communities.
Credit unions interested in applying for future mentoring grants can find grant requirements, application instructions and other important information on the grants page of the NCUA website. In addition to mentoring grants, the NCUA offers information and other forms of assistance to MDI credit unions through its Minority Depository Institutions Preservation Program.
Automated Cybersecurity Evaluation Toolbox
The NCUA has also reminded credit unions about the agency’s Automated Cybersecurity Evaluation Toolbox application that it released in October. The letter to credit unions on Wednesday encouraged the use and implementation of the maturity assessment for a credit union to determine its information and cybersecurity preparedness level, but noted that it is only a self-assessment.
Credit unions are not required to use the Toolbox or complete the maturity assessment, however, it can provide insight into additional steps a credit union may consider taking to strengthen its overall security posture, according to the agency.
The Toolbox, as well as other pertinent information and resources, are available for download on the agency’s ACET and Other Assessment Tools webpage. The webpage includes a video that provides an overview of the entire process, from the start of an assessment to reviewing reports.
The NCUA also joined with other federal and state agencies to issue a statement on supervisory practices regarding financial institutions affected by tornadoes, which can be accessed here.
In addition to the NCUA, the agencies issuing the statement include the Conference of State Bank Supervisors, FDIC, Federal Reserve and OCC.