NCUA Announces Grant Rule Change for Small CUs
One of the OSCUI grant changes will allow credit unions to check the status of their reimbursement request online, OSCUI said in the October edition of its FOCUS e-newsletter. The grant reimbursement changes will also allow credit unions to submit their proofs of purchase and proofs of payment for each vendor through single or multiple uploads, OSCUI added. The grant reimbursement changes will make the grant process more efficient for credit unions and the agency, OSCUI added.
OSCUI said any grant reimbursement proofs of purchase should be come directly from the credit union that accepted the grant. "Receipts, invoices and payments made from entities other than the credit union or a credit union official will not be considered," OSCUI said.
According to OSCUI, acceptable proofs of purchase may include:
An invoice from vendor; and/or
A receipt from vendor specifying items purchased.
OSCUI said acceptable proofs of payment may include:
A canceled check made out to vendor identified on invoice (both front & back);
A credit card statement with payment amount and vendor listed;
The original check to the vendor with a monthly statement attached; and/or
A receipt listing items purchased and showing the method of payment.
The NCUA in August awarded $1.4 million in technical assistance grants to just over 100 small credit unions through its Community Development Revolving Loan Fund (CDRLF).
These grant disbursements may be used by credit unions to improve their service, train their staff, expand their community outreach efforts, provide ATMs in underserved areas, increase marketing efforts at in-school branches and increase awareness of the payday loan alternatives offered at their credit union. Financial literacy and education at in-school credit union branches, and internships and staff training efforts, may also be funded by the grant money.
OSCUI in the newsletter also announced an Oct. 22 webinar on the Assets for Independence (AFI) program, which promotes an asset-based approach to help lift low-income families out of poverty.
OSCUI said the webinar will include a question-and-answer session and details from a credit union that has taken part in an AFI project.