NCUA Awards $3.1 Million in 2023 CDRLF Round

NCUA Awards $3.1 Million in 2023 CDRLF Round

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This article first appeared on CUCollaborate

The NCUA announced Thursday that it has awarded $3.1 million in Community Development Revolving Loan Fund grants to 142 low-income credit unions and MDIs.

For the 2023 round, requests far exceeded the amount available, the agency said. In this year’s round, the NCUA received 290 grant applications totaling more than $7.7 million.

NCUA Chairman Todd Harper said that for the 2023 round, Congress had provided additional funding than in past years and allowed MDI credit unions to apply for grants.

Congress remains deadlocked over government funding for FY24, although the House and Senate Appropriations Committees have called for the CDRLF program to receive $4 million in FY24.

Record of success

“These grants have a track record of success,” Harper said.” Qualifying low-income and MDI-designated credit unions use these needed funds to create innovative products, provide financial education, and broaden access to safe, fair, and affordable financial products and services. This expands opportunity and assists members and communities nationwide in building financial security.”

The NCUA awarded grants ranging from $1,000 to $50,000 to credit unions in 40 states and the District of Columbia; 42 awardees were MDIs and 23 were first-time applicants.

Types of awards

The NCUA made awards in five categories:

  • Underserved Outreach: 26 grants totaling $1,265,000.
  • MDI Capacity Building: 23 grants totaling $1,079,200.
  • Digital Services and Cybersecurity: 79 grants totaling $725,900.
  • Training: 12 grants totaling $59,600.
  • Consumer Financial Protection: Two grants totaling $16,500.

Author

  • David Baumann

    David Baumann established and edited the Washington Credit Union Daily website before it was put on hiatus while he served as the editor of the regulatory and legislative blog at CUCollaborate. Before starting Washington Credit Union Daily, David was the Washington correspondent for the Credit Union Times. A veteran Washington reporter, he has spent his career writing and editing for many of the capital’s leading publications, including CongressDaily, National Journal magazine and Congressional Quarterly Weekly. He was part of a team that won a 2005 National Headliner Award for a special issue of National Journal on “The State of Congress.” He holds a B.A. in political science from The George Washington University and an M.A. in journalism from Indiana University.

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