(Sept. 17, 2021) $100,000 is being made available for minority depository institution (MDI) mentoring grants to eligible credit unions, NCUA announced this week. The regulator said federally insured credit unions with both the MDI and low-income designations are eligible to apply for the grants between Oct. 11 to Oct. 29. The grants are to support mentoring relationships that allow larger, experienced credit unions the opportunity to provide guidance to other MDIs.
“The expiration of unemployment benefits and foreclosure and eviction moratoriums mean that low-income households and communities of color will face financial stress in the coming months,” NCUA Chairman Todd Harper said in a statement. “The NCUA’s mentoring grants program helps MDI credit unions provide greater opportunities for members to build financial security, make investments in communities, and help to close the wealth gap. I strongly encourage eligible MDIs to apply to this program.”