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NCUA extends MDI mentoring grant application
Credit unions that are eligible to apply for the NCUA's minority depository institutions (MDIs) mentoring grants may now submit applications until July 31. The NCUA announced in April that they will offer $125,000 in mentoring grants to small, low-income credit unions designated as MDIs to help them establish programs with larger, low-income-designated credit unions that can provide expertise and guidance.
Applications are available via the NCUA's CyberGrants portal, and guidelines are available on the agency's website.
The NCUA has been working to promote diversity, equity, and inclusion in the credit union industry and has previously hosted events focused on these issues, including an MDI Forum and webinars.
The agency recently released its annual report to Congress detailing the financial condition of MDIs. According to the report, the NCUA regulated 514 MDI federally-insured credit unions (FICUs) in 36 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands at the end of 2019.
Overall, MDI credit unions served more than 3.9 million Americans and had assets of $40.5 billion.
View the report for more insights, including details on the agency's MDI preservation program.
NAFCU will continue to support efforts that allow credit unions to grow to better serve members.