Northwest Credit Unions Receive Grants from the NCUA
August 29, 2013
Aug. 29, 2013
Six Northwest credit unions received generous grants this week from the National Credit Union Administration (NCUA). Credit unions with low-income designation are eligible to apply for Community Development Revolving Loan Fund grants that can be used to expand services, products, and education outreach.
Forty-seven Oregon and Washington credit unions have low income designations and approximately a third have received the designation within the past year. Low income credit unions often provide the only insured financial services available to consumers in their communities.
“NCUA grants provide credit unions with an opportunity to leverage a public/private partnership for the benefit of their members,” said John Trull, director of regulatory advocacy for the Association. “We would encourage eligible credit unions to apply.”
The success rate of NCUA grant applicants this year is over 60 percent, Trull noted.
For Portland-based Pacific Northwest Ironworkers, the process was worth it.
“The grant application took about 8 hours to complete and reporting requirements are minimal.” said Teri Robinson, CEO. “The funding we receive will be used to send all credit union employees through CUNA’s Financial Counseling Certification Program allowing us to better serve our members.”
The multi initiative grant is capped at $24,000 and could be used for:
- Computer modernization
- Financial capability
- New retail location for home based CUs
- New product and service development
- Staff and volunteer training
“Low-income credit unions play an essential role in their communities and supporting their work is a priority for NCUA,” said NCUA Board Chairman Debbie Matz. “The credit unions that receive these grants will be extending outreach, growing membership and improving income.”
The next round of Revolving Loan Fund grants is anticipated in the early part of 2014 for student internships and collaboration initiatives.
Pacific Crest Federal Credit Union in Klamath Falls, Oregon, was one 22 credit unions across the country to receive a summer internship grant for $4000 in May.
The internship was a huge success and the student was hired part time, as she attends college this fall.
“A Student Internship Grant makes several good things happen,” Matz said. “It provides students with paid work experience and introduces them to credit unions. It also gives credit unions a chance to add some helping hands and to connect with young people, who could be future members or industry leaders. I’m encouraged to see these low-income credit unions take advantage of this opportunity.”
The NWCUA Regulatory Advocacy team works with state and federal regulators to help reduce the regulatory burden on credit unions and protect the credit union movement. The Association encourages members to participate in the regulatory process. If you have any questions about these or any regulatory issues, please contact Director of Regulatory Advocacy John Trull at email@example.com, or at 503.350.2209.