ALEXANDRIA, Va. — NCUA has issued some $2 million in grants to 225 low-income credit unions to help them offer new products and finance expansions.
The NCUA's second round of grant money is the largest in the organization's history. The NCUA received a total of $9.4 million in requests from 580 credit unions, Debbie Matz, the NCUA's chairwoman, said in a news release.
"While the competition was tough, the current and future members of the low-income credit unions receiving these funds are the real winners in terms of new products and services, new locations and new protections," Matz noted.
Of the total grants, about $736,000 will be used for CUs to develop digital products such as electronic bill payment, an interactive website, mobile banking remote deposit capture.
The grants will also be used to help credit unions protect against fraud and develop stronger cybersecurity measures; to help credit unions open branches in underserved areas; and to help credit unions add products like business lending, or install new ATMs.
CUs that received awards include:
- Arabi Sugar Workers FCU in New Orleans, La., a $1.4 million-asset institution which received $15,000 for adding building capacity.
- The $21.6 million-asset Dakota Star FCU in Rapid City, S.D., which received $10,000 to add digital products.
- Morris Sheppard Texarkana FCU in Texarkana, Texas, with the $6.9 million in assets, which received $7,500 for fraud and cybersecurity improvements.
- The $67.4 million-asset Tongass FCU in Ketchikan, Alaska, receiving $24,000 to add new buildings.