Last Chance to Apply for OSCUI Grant Program Opportunities

7/25/17

The deadline for low-income designated credit unions to apply for funding under one of NCUA’s three capacity-building initiatives is fast approaching. The capacity-building grants cycle closes July 31, and awards are expected to be announced the first week in September.

Following are details on each of the funding categories:

  • Leadership development: Credit unions may use this grant to promote career development, management succession planning, diversity and inclusion training, or use it to structure essential employment positions. Each applicant must provide a brief narrative describing the project.
    • Maximum grant: $10,000
    • Who is eligible? Low-income designated credit unions with a CAMEL 1-3 are eligible to apply, and Minority Depository Institutions with less than $30 million in assets will receive preference.
    • Timeline to use funding: Credit unions must use this grant within seven months.
  • Digital services and security: Under this initiative, credit unions can improve digital member services as well as cybersecurity and fraud prevention. This grant can be used to offer services like remote deposit capture, digital payments and wallets, and mobile loan applications, or to provide cybersecurity training or digital encryption.
    • Maximum grant: $7,500
    • Who is eligible? Low-income designated credit unions with a CAMEL 1-3 are eligible to apply. While these grants are expected to be awarded to different asset tiers, credit unions that offer limited digital services as described on their 5300 Report are most likely to receive an award.
    • Timeline to use funding: Credit unions are required to submit a paid invoice for reimbursement for an eligible project within nine months of receiving the grant.
  • Small, low-income credit union capacity: Credit unions with assets of less than $30 million may apply for funding to address operational challenges such as upgrading technology systems for greater efficiency and improving operations.
    • Maximum grant: $7,500
    • Who is eligible? Applicants must fall under the $30 million asset limit, have a CAMEL score of 1-4, and have an eligible technology project designed to improve capacity.
    • Timeline to use funding: Awardees have up to one year to utilize these funds.

If your credit union does not currently have the low-income designation, contact your Association for assistance. It typically takes about an hour to determine if your credit union is eligible for the designation. If your credit union qualifies, it can receive the designation within 24 hours.

Interested in applying for the grant? Application materials are available here. If you have questions about the process, please contact John Trull, the Northwest Credit Union Association’s AVP of regulatory advocacy, at jtrull@nwcua.org. Your Association can help guide your credit union through the entire application process.

Posted in Advocacy News.