Select the chart to view the list of awardees.

NCUA recently awarded more than $2 million in grants under the four initiatives shown in the chart above. Under this second round of 2015 grants, the 225 low-income credit unions committed to use the funds to expand products and services, open branches, relocate to commercial sites or provide greater security for their members, among other uses.

 

This was the largest grant round in the history of the Community Development Revolving Loan Fund, thanks to a $2 million appropriation by Congress. More than half of the awardees, 147 credit unions, were new or had not received an award in three years.

 

Funding under this round was extremely competitive. We received more than 1,000 applications from 580 credit unions. The credit unions requested more than $9.4 million in total. To stretch the available funds and accommodate as many requests as possible, we limited the number of awards a credit union could receive to one.

 

The next funding round will occur in first quarter of 2016. However, if your low-income credit union requires emergency assistance, Urgent Need Grants are available year-round, subject to available funds. Use the link below for more information. 

Learn about the Grant Program. 

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For more information, select the image above.

The Volunteer Income Tax Assistance Program is sponsored by the U.S. Internal Revenue Service. It provides free tax-filing assistance to individuals with specific needs, including the elderly and those with low-incomes.

Top Benefits VITA May Offer Your Credit Union:

• Puts tax refund dollars back into the community,
• Distinguishes your credit union from other financial institutions,
• Attracts new members,
• Helps members save and build net worth, and
• Provides an opportunity to educate members on financial products and services.
   

How Can Credit Unions and Leagues Work With VITA?

• Distribute information to members and networks, and
•  Host a free tax-preparation site for your members and community.
   

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Partner Events

There's still time to comment on the Community Development Financial Institutions Fund's future direction: Those unable to attend one of the listening tour stops can provide their thoughts through an online survey. The survey addresses the same questions as the listening tour itself, and all of the responses will be reviewed as the Fund works on its strategic plan for the coming years.

Training Opportunities

"Aligning Mission with Margin" webinar series: The National Federation of Community Development Credit Unions will offer this series to assist credit union managers in the creation, management and maintenance of a successful, diversified lending program in today's financial environment. A single registration covers the series; there is no charge to attend. Remaining dates and discussion topics are:

Aug. 19, Interest Rate Risk

Sept. 15, Liquidity Shock Test

Oct. 21, Lending to Credit-Challenged Members Using Risk-Based Loan Pricing

2015 Federation Annual Conference and CUNA Community Credit Union Conference: This conference is scheduled for September 22 to 25 in Phoenix. The conference will feature new approaches to community development, industry experts and speakers on tools for reaching your local community, ways to communicate the benefits of your credit union and best practices for attracting new members. 

Other Resources
 

Newcomer's Guides to Managing Money: The U.S. Consumer Protection Finance Bureau offers these guides with tips to help newcomers to the U.S. navigate how to receive money, open an account, pay bills and select financial services and products. Download, post and share them with your members.
 

Campaign to Expand Children's Savings Launched: The Clinton Global Initiative America launched the Campaign for Every Kid's Future, a five-year effort to connect 1.4 million children with savings accounts to help them save for college, build positive aspirations and secure a stronger future. CFED's website has more information about participating and starting a children's saving account program.

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