Six Northwest Credit Unions Among Recipients of $517,890 in NCUA Grants

Six Northwest credit unions will be able to train the next generation of credit union leadership and gain access to more resources to help their communities, thanks to grants announced Thursday by the National Credit Union Administration.

Pacific Northwest Ironworkers Federal Credit Union and GH Woodworkers Federal Credit Union each received $4,000 to fund student internships this summer.

Point West Credit Union, Cascade Community Credit Union, Cutting Edge Credit Union and Calcoe Federal Credit Union were each awarded $2,500 to help them obtain Community Development Financial Institution certification. Once certified, CDFIs can apply for funding from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund, which awarded $184 million in 2013.

“At NCUA, we work each day to help low-income credit unions better serve their members and communities,” says NCUA Board Chairman Debbie Matz. “The credit unions that receive these grants will be able to offer more services to members, more resources to their communities and more education for young people interested in financial services careers.”

A total of 127 low-income credit unions will receive $517,890 through the first Community Development Revolving Loan Fund grant round for 2014. NCUA’s Office of Small Credit Union Initiatives administers the funds. Congress established the Revolving Loan Fund to provide grants and loans to credit unions serving low-income communities. Since 2001, NCUA has distributed more than $12.8 million in grant funding.

In this round, 320 credit unions submitted grant applications to NCUA with requests for more than $2.3 million. In addition to CDFI certification and student intern grants, funds were awarded for the development of new products; a majority of those grants were for mobile services, reflecting a definite shift in how credit union members conduct business.

A complete list of grantees is available online here. Credit unions have been sent notification by email and can check their CyberGrants login for their application status, the NCUA said. Urgent Need grants for emergency assistance are available year-round, subject to fund availability. More information is available online here.

Questions? Contact Gary M. Stein: 503.350.2216, gstein@nwcua.org.

Posted in Federal, NCUA.