Over $38 Million Awarded to CUs and $3.5 Million Still Available
Posted by Jennifer Johnson on April 11, 2023
Community Development Financial Institutions Fund – Equitable Recovery Program Award Recipients
Yesterday, over $38 million in CDFI funds were awarded to 14 credit unions across the GoWest region!
The recipients are:
- AEA Federal Credit Union – Yuma, AZ, $2,478,839
- Pyramid Federal Credit Union – Tucson, AZ, $2,478,839
- Vantage West Credit Union – Tucson, AZ, $3,718,258
- Community Choice Credit Union – Commerce City, CO, $2,478,839
- NuVista Federal Credit Union – Montrose, CO, $3,718,258
- Central Willamette Credit Union, Albany – OR, $2,478,839
- Ironworkers USA Federal Credit Union – Portland, OR, $1,239,419
- Mid Oregon Federal Credit Union – Bend, OR, $2,478,839
- Northwest Community Credit Union (NWCU) – Eugene, OR, $3,718,258
- Point West Credit Union – Portland, OR, $3,718,258
- SELCO Community Credit Union – Springfield, OR, $3,718,258
- Canopy Federal Credit Union – Spokane, WA, $1,685,610
- Express Credit Union – Seattle, WA, $2,478,839
- Verity Credit Union – Seattle, WA, $2,478,839
Congratulations to these credit unions for the amazing work you have done and will continue to do to serve your members and community.
CDFI – Request for Comment Letters
The CDFI Fund is requesting comment letters through May 12 to inform future updates to the certification process. You can learn more and submit your letter here.
NCUA – $3.5 Million in Grants Available to Low-Income Credit Unions
The NCUA recently announced that credit unions eligible for Community Development Revolving Loan Fund grants in 2023 can apply between May 1 and June 30.
NCUA Chairman Todd M. Harper said in a recent press release, “This year, we have new opportunities for credit unions that are considering applying for a 2023 CDRLF grant. Congress more than doubled the CDRLF funding for 2023 and added minority depository credit unions as eligible institutions. So, both low-income credit unions and minority depository institutions can now use CDRLF grants to build capacity, invest in their communities, reach under-resourced populations, and provide their members with products and services to strengthen their economic security.”
The $3.5 million in CDRLF grants will be distributed to the most qualified applicants in the following five categories:
- Underserved Outreach (maximum award of $50,000) — Helping credit unions expand safe, fair, and affordable access to financial products and services to underserved communities and improve the financial well-being of their members.
- MDI Capacity Building (maximum award of $50,000) — Preserving MDI credit unions and increasing their ability to thrive and serve minority populations.
- Consumer Financial Protection (maximum award of $10,000) — Ensuring credit unions have the resources and expertise to protect credit union members, raise awareness of potential frauds, and facilitate access to fair and affordable financial services.
- Digital Services and Cybersecurity (maximum award of $10,000) — Providing assistance to credit unions to modernize information and security systems to better protect themselves and their members from cyberattacks.
- Training (maximum award of $5,000) — Strengthening credit unions through succession planning, leadership development, staff education, and professional development.
The NCUA is also piloting two new grant initiatives:
- Impact Through Innovation (maximum award of $100,000) — A pilot initiative addressing underserved communities by focusing on banking deserts, affordable housing, credit invisibles, and fintechs.
- Small Credit Union Partnership (maximum award of $50,000) — A pilot initiative helping small credit unions pool their resources to help them achieve their growth objectives.
NCUA – Becoming a Low-Income Designated Credit Union
More than 50% of GoWest members are low-income designated credit unions, and as such they have access to several important benefits including:
- The ability to take nonmember deposits from any source
- An exemption from the business lending cap
- The authority to obtain supplemental capital
- The ability to apply for small dollars grants and loans from the Community Development Revolving Loan Fund
If your credit union is interested in learning more about the NCUA low-income designation application process, reach out to GoWest Foundation Strategic Initiatives Manager Nayab Abbasi at [email protected] for the next steps.
The GoWest team is happy to assist all low-income designated credit unions with leveraging their designation. Abbasi can assist with grants and Vice President of Regulatory Advocacy John Trull, [email protected], is ready to walk through additional benefits and how they can be utilized to best serve your members.