NCUA Offers Grants for Low-Income Credit Unions to Provide Financial Education

The National Credit Union Administration (NCUA) is currently accepting applications from low-income credit unions to distribute $200,000 in grants to improve financial literacy in their communities. The initiative is particularly aimed at high school students, as a recent survey indicated that the financial literacy of high schools students has hit a low point.

The $200,000 in funding will come from the NCUA Community Development Revolving Loan Fund’s Technical Assistance Grant Program. Low-income- designated credits unions are eligible to apply for up to $5,000 to create, enhance, or expand financial education efforts. While the initiative hopes to focus on educating students, the funding may also support other financial education efforts within the community.

The grants offered by NCUA will advance NCUA’s partnership with the U.S. Department of Education and the FDIC to have financial institutions educate students to make wise financial decisions. NCUA hopes to encourage low-income credit unions to collaborate with schools, community organizations, and other financial institutions to provide financial education within the community. Applications are due May 20, 2011.

The application and guidance are available on NCUA’s website in the section focused on Technical Assistance Grants.

Read the full press release.