National Credit Union Administration: Office of Small Credit Union Initiatives Grant Program – Round 2Deadline: June 30, 2015
Round Two of the Office of Small Credit Union Initiatives (OSCUI) Grant Program offers several initiatives intended to assist low income designated credit unions to increase financial services outreach to low wealth populations and remain a vital community resource. Initiatives include:
- Fraud and Cyber Security: Cyber Security is a serious economic concern rapidly growing amongst the credit union industry. As online and mobile transactions become increasingly integrated into consumers’ interaction with financial institutions, the risk of hacking and fraud will continue to increase. This initiative will assist credit unions in building the infrastructure needed to continually monitor and enhance the security of their systems and to protect member information.
- New Products/New Services Initiative: Credit unions seeking to grow and maintain member relations require products and services that support the credit union’s growth strategy. This initiative allows credit unions to offer a first time product or service.
- Digital Growth Initiative: Consumers around the world are quickly adopting digital banking. Growing relationships with young adults is a matter of survival for credit unions everywhere. As legacy members age, success in attracting the 18–35 age group will be crucial to every credit union’s future. To encourage credit unions to implement strategic choices that attract younger members, this grant initiative moves the credit unions into the digital age.
- Capacity Builder/Growth Initiative: This initiative provides credit unions the ability to continue their outreach strategy to low wealth, underbanked communities. Additionally, home based credit unions can use the grant funds to leap to the next level in growth by relocating to a non-residential site.
Amount: Awards vary by initiative, as follows:
- Fraud and Cyber Security: Up to $7,500
- New Products/New Services Initiative: Up to $10,000
- Digital Growth Initiative: Up to $10,000
- Capacity Builder/Growth Initiative: Up to $24,000
Eligibility: To quality, a federally chartered credit union must have a current “low-income” designation as set forth in NCUA’s Rules and Regulations, Section 701.34. State chartered credit unions must have the equivalent low-income designation from their respective state supervisory authority and concurrence from NCUA.