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News Now

Washington
1.3M in NCUA grants available to LICUs
WASHINGTON (4/2/12)—Low-income credit unions can now apply for a total of $1.3 million in grants to help support their financial literacy, staff and board member training, internship, and tax prep assistance efforts, the National Credit Union Administration (NCUA) said on Friday.

The NCUA in its letter to credit unions 12-CU-04 said the grant money was appropriated by Congress through the Community Development Revolving Loan Fund (CDRLF). Eligible credit unions may apply for as much as $25,000 in funding. Grant applications are due to the agency by June 29.

The NCUA is also providing grants of up to $7,500 through its Urgent Needs Initiative. Credit unions that have been impacted by a natural disaster or other unexpected event may apply for these funds.

The agency also noted that the grant program has been streamlined, with the addition of a fully automated, online funding application.

Eligible credit unions may file a single application for all funding initiatives, and reimbursement requests for multiple grant initiatives can be bundled together, the NCUA added. These changes will allow the NCUA to process grant requests more quickly, and will also speed the disbursement of grant related funds, the agency said.

NCUA Chairman Debbie Matz encouraged eligible credit unions to apply for the grants, and said those that had questions regarding their eligibility could consult the criteria listed in Part 701.34 of the NCUA Rules and Regulations.

The Wisconsin Department of Financial Institutions and Wisconsin Department of Public Instruction last week also announced they have made $250,000 available to the state's K-12 public and private schools to promote financial literacy. (See related News Now story: Wisconsin regulators announce $250K fin lit grants)

For the full NCUA release, use the resource link.
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