The National Credit Union Administration (NCUA) has awarded Community Development Revolving Loan Fund (CDRLF) grants to four low-income and minority depository institutions credit unions in Tennessee — Clinchfield Federal Credit Union, Memphis Municipal Employees Federal Credit Union, Metropolitan Teachers Credit Union and Veritas Federal Credit Union.
The CDRLF grants will help these Tennessee credit unions and 138 others nationwide to expand outreach to underserved communities, participate in mentoring relationships, receive training, and improve digital services and security.
Metropolitan Teachers Credit Union in Nashville, Tenn., will use the funds for its current technology system upgrade.
“Words fail to express our excitement when learning Metropolitan Teachers Credit Union was a very proud recipient of the MDI Capacity Building Grant,” said Beverly Barton, CEO, Metropolitan Teachers Credit Union. “This grant comes to MTCU at just the right moment. We are in the process of upgrading our technology system to improve our members’ experience in the digital world. The grant will also help to provide staff training and the resources needed for that training. We know our members will welcome the coming changes. We are super excited. We extend our gratitude to the National Credit Union Administration for this wonderful opportunity.”
The CDRLF grant will help Veritas Federal Credit Union in Smyrna, Tenn., to offer extended financial education programs, which are so vital to members during these challenging economic times.
“This is the first grant I’ve ever applied for and these dollars are so critical in helping us expand into our new field of membership to educate about options for payday lenders and to create financial awareness, especially for underbanked households,” said Lysa Rigo, member experience manager, Veritas Federal Credit Union. “About half of our new census tracts are extremely underbanked with depressed socioeconomics, and many people in these tracts have limited credit options. We’re driven to help our communities become more economically secure and more financially aware, and this grant will get us further down the right path. Thank you, NCUA!”
Clinchfield Federal Credit Union in Erwin, Tenn., plans to use the CDRLF grant to support compliance education.
“We are thrilled to have received the consumer protection grant from NCUA,” said Amy Banks, CEO, Clinchfield Federal Credit Union. “This will enable us to use these funds to strengthen our compliance procedures, further educate our staff and to provide BSA compliance recertification for two of our employees.”
Memphis Municipal Employees Federal Credit Union in Memphis, Tenn., will use the grant for training and staff development.
“Memphis Municipal Employees Federal Credit Union is honored to receive the CDRLF Grant and special thanks to NCUA for the consideration,” said Delphine Price, manager, Memphis Municipal Employees Federal Credit Union.
Clinchfield Federal Credit Union
$6,500
Category: Consumer Financial Protection
Grant Uses: Improving Consumer Finance Protection, Training
Memphis Municipal Employees Federal Credit Union
$5,000
Category: Training
Grant Uses: Staff Development
Metropolitan Teachers Credit Union
$50,000
Category: MDI Capacity Building
Grant Uses: Implementation of New Products and Services
Veritas Federal Credit Union
$50,000
Category: Underserved Outreach
Grant Uses: New or Expanded Outreach Efforts, New or Expanded Financial Education Programs
