Funds To Be Used To Improve Service To Underserved Populations
September 17, 2020
The N.U.L. Credit Union in New York, New York received a $25,000 grant from The National Credit Union Administration. The funds will be used for the low-income, minority deposit institution credit union to receive mentoring from a larger credit union.
In this instance, N.U.L. Credit Union will be partnered with 1199 SEIU Federal Credit Union, also of New York. N.U.L. Credit Union has less than 100 members and assets totaling around $335,000. It opened in 1970.
“Mentoring relationships can help [minority deposit institution] credit unions, particularly those in rural and underserved communities, grow stronger and support their members and communities better,” NCUA Chairman Rodney E. Hood said. “The NCUA’s mentoring program is important to the promoting the broader goal of greater financial inclusion. I congratulate the grantees and look forward to hearing about the results of their efforts.”
The grants were funded through the NCUA’s Community Development Revolving Loan Fund allocation. The agency’s mentoring program helps small, low-income, minority depository institutions establish mentoring relationships with larger low-income credit unions to provide expertise and guidance in serving low-income and underserved populations. The larger credit unions will offer technical assistance, such as building staff capacity through training and improvements to credit union operations.
The NCUA’s Office of Credit Union Resources and Expansion supports low-income-designated credit unions; credit unions interested in a low-income designation; minority credit unions; credit unions seeking changes in their charters, bylaws, or fields of membership; and groups organizing to start new credit unions.
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