Markets Wired

McWatters—Investing in Fundamentals: Cybersecurity, Access, Human Capital

ALEXANDRIA, Va. (Oct. 31, 2018) – The National Credit Union Administration has awarded $2 million in grants to help 203 low-income credit unions improve digital services and security, increase outreach to underserved communities, and train employees.

“These are investments in fundamentals: protecting credit unions and their members, expanding access to affordable financial services, and building human capital,” NCUA Board Chairman J. Mark McWatters said. “In particular, helping credit unions detect and defend against cyberattacks is essential to keeping members safe and the financial system secure.”

Grant awards ranging from $1,300 to $20,000 were made to credit unions in 42 states and the District of Columbia (opens new window). Forty-four credit unions are first-time grant recipients. Twenty-eight are minority depository institutions. A total of 243 credit unions made grant requests of $2.5 million in this year’s grant round.

The NCUA made awards in three categories:

• Digital services and security: 141 grants totaling $1,251,670;
• Leadership development: 40 grants totaling $350,760; and
• Underserved outreach: 22 grants totaling $397,570.

The NCUA’s Office of Credit Union Resources and Expansion administers grant funding provided by the Community Development Revolving Loan Fund, which offers grants and loans to credit unions serving low-income communities. Since 2001, Congress has provided the NCUA with $20.8 million for these grants.

The 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.