11/01/2019 | Press release | Distributed by Public on 11/01/2019 14:23
The Washington, DC-based credit union is one of three low-income credit unions designated as minority depository institutions (MDI) that will participate in the new program.
The grants will help small institutions establish mentoring programs with larger low-income, MDI credit unions that can provide expertise and guidance in serving low-income and underserved populations.
'I'm delighted we could help these small credit unions establish relationships with larger institutions to help them grow and thrive,' NCUA Chairman Rodney E. Hood said. 'These grants are in keeping with the agency's efforts to support and preserve minority depository institutions, which are so vital to providing affordable financial services and investments to their communities.'
The agency awarded a total of $74,875 in grants to:
• DC Credit Union, of Washington, D.C., which will be mentored by Local Government Federal Credit Union, of Raleigh, North Carolina;
• Fidelis Federal Credit Union, of New York City, which will be mentored by Neighborhood Trust Federal Credit Union, also of New York City and;
• Southern Teachers and Parents Federal Credit Union, of Baton Rouge, Louisiana, which will be mentored by ECFU Financial, of Baton Rouge.
The NCUA awarded the grants under its pilot MDI mentoring program, which will help small low-income minority depository institutions establish mentoring programs with larger low-income credit unions that can provide expertise and guidance in serving low-income and underserved populations. The larger credit unions will provide technical assistance, such as building staff capacity through training, improvements to credit union operations, and assistance with modernization processes. The NCUA will use the results of this pilot program to explore the possibly expanding the initiative in the future.