NCUA Media Advisory

Nine Credit Unions Awarded $17 Million

CDFI Funds Will Enhance and Grow Financial Services

 

June 30, 2009, Alexandria, Va. – National Credit Union Administration Chairman Michael E. Fryzel applauds the nine credit unions awarded $17,150,000 yesterday by the Community Development Financial Institutions Fund (CDFI Fund) and encourages additional credit unions to participate in an upcoming 2009 supplemental CDFI financial assistance program scheduled to be announced in September.

"Community Development Financial Institution funding is a valuable and important option for credit unions as they continue to reach out to consumers in low-income and underserved communities.  I am pleased that these credit unions took the initiative to improve their ability to serve, and encourage others to follow in their footsteps.”

The federally insured community development credit unions awarded funds include: 

Credit Union Name	City, State	Award Amount
Alternatives Federal Credit Union	Ithaca, NY	$2,000,000
ASI Federal Credit Union	Harahan, LA	$2,000,000
Brooklyn Cooperative Federal Credit Union	Brooklyn, NY	$1,150,000
Communicating Arts Credit Union	Detroit, MI	$2,000,000
First Legacy Community Credit Union	Charlotte, NC	$2,000,000
Latino Community Credit Union	Durham, NC	$2,000,000
Mendo Lake Credit Union	Ukiah, CA	$2,000,000
Opportunities Credit Union	Burlington, VT	$2,000,000
Santa Cruz Community Credit Union	Santa Cruz, CA	$2,000,000

                                                   

These credit unions are receiving $17.15 million of a total $90 million in CDFI financial assistance awarded to invest and build capacity to serve people with limited-income and communities lacking adequate access to affordable financial products and services. The CDFI Fund provides awards to CDFIs with comprehensive business plans that demonstrate the ability to provide or expand financial services within underserved communities.

NCUA is the independent federal agency that regulates, charters and supervises federal credit unions. With the backing of the full faith and credit of the U.S. government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 90 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.

- NCUA -