Washington, D.C. - National Credit Union Administration (NCUA) Chairman JoAnn Johnson met with Senator Daniel K. Akaka today to discuss financial literacy and provide a list of grantees receiving a total of $16,097 from its Community Development Revolving Loan Fund.

"I greatly value my working relationship with Chairman Johnson and the NCUA. These grants will help credit unions in Hawaii better meet the financial service needs of their members," said Senator Akaka.

The following credit unions are being awarded:

• Waialua Federal Credit Union, Waialua, $1,801
• First Hawaiian Homes Federal Credit Union, Hoolehua, $1,000
• Island Traditional Credit Union, Honolulu, $3,379
• Kunia Federal Credit Union, Kunia, $3,500
• Hawaii First Credit Union, Kamuela, $3,500
• Glover Federal Credit Union, Honolulu, $2,917

NCUA’s grant program provides low-income designated credit unions the opportunity to obtain loans and technical assistance grants to improve and enhance services to its members.

As a leading financial literacy advocate, Senator Akaka works towards improving access to mainstream financial services so that more individuals can benefit from lower-cost opportunities at credit unions and banks. The Senate Finance Committee reported out a provision from his bill, S. 324, the Taxpayer Abuse Prevention Act, in the S. 1321, the Telephone Excise Tax Repeal Act, that authorizes a grant program to link tax preparation services for low-and moderate income families with the opening of a bank or credit union account. Without a bank or credit union account, taxpayers lose millions of dollars for check cashing fees or refund anticipation loans. With a bank or credit union account, they can have their refund directly deposited into their account.