Northwest Credit Unions Awarded Ten Percent of NCUA’s “Round Two” Grant Pool
August 5, 2014
August 5, 2014
Medford, Oregon based Rogue Credit Union spearheaded a collective action effort with twenty three other credit unions, resulting in a $28,350 award from the National Credit Union Administration (NCUA).
The credit unions will use the funding to pay for an entire year of compliance toolkit resources including ComplySight and RIPT.
“Rogue is excited to partner with twenty three low-income designated Northwest credit unions and the Northwest Credit Union Association, to deliver recently developed products that support back office operations that will significantly ease the regulatory compliance burden facing partnering credit unions,” said Jeanne Pickens, senior vice president of marketing. “We recognize the need to work collaboratively in order to achieve compliance and regulatory efficiencies that will allow us to continue serving our members. This grant will allow all the credit unions involved to not only have access to newly developed products, but also share best practices to ultimately improve the examination experience for us all.”
The Collaboration Grant was one of only two such awards the regulator awarded in its recent allocation of over $1 million to 174 low-income designated credit unions. The funds announced on August 1 are part of the regulator’s Community Development Revolving Loan Fund, and this was the second round of grants awarded in 2014.
In addition to the Rogue group’s Collaboration Grant, 13 Northwest credit unions received individual grants that can be used to expand member services or train staff.
“These grants are found money,” said John Trull, director of regulatory advocacy for the Northwest Credit Union Association. “I encourage credit unions that have low-income designation, to apply for the grant funding. The application takes as little as five minutes to fill out.” Trull coached some of the credit unions receiving round two grants about the process and indicated he’s available to help others. “These grants can help you expand into mobile banking or other services that keep you competitive. And staff training also benefits your members.”
A list of credit unions receiving round two grants can be found online.
More information about the Community Development Revolving Loan Fund is available on the NCUA’s website.
Questions about this story? Contact Lynn Heider: 503.350.2225, email@example.com.