A total of 10 New York state credit unions were among the recipients of the U.S. Department of the Treasury’s CDFI Fund grants in 2022.
Five New York credit unions were among the 252 CDFIs that received $194.1 million in financial assistance (FA) awards in 2022. In total, $46.5 million FA in grants were awarded to 72 CDFI credit unions and cooperativas (financial cooperatives serving Puerto Rico)
New York credit unions that received CDFI FA grants include:
• Cooperative Federal (Syracuse);
• Empower FCU (Syracuse);
• Lower East Side Peoples FCU;
• Neighborhood Trust FCU (New York City); and
• The Finest FCU (New York City).
Five additional New York credit unions received technical assistance (TA) awards, including:
• 1199 SEIU FCU (New York City);
• Concord FCU (Brooklyn);
• New Covenant Dominion FCU (Bronx)
• NUL FCU (New York City); and
• USAlliance FCU (Rye).
Inclusiv, a New Nork Credit Union Association strategic partner, reported that credit unions received 40% of all FA and TA awards and 30% of all FA/TA dollars in 2022 — the highest percentage of awards directed to credit unions in the history of the CDFI Fund.
The awards from these programs will support CDFIs that provide affordable financing and accessible financial services to low-income communities and financially underserved populations across the country.
The full list of CDFI Fund FA/TA awards for 2022 can be accessed here.