ALEXANDRIA, Va. (4/7/11)--Low income credit unions could soon boost their current educational endeavors after the National Credit Union Administration (NCUA) on Wednesday announced that it will make $200,000 in grants available through its Financial Education and Financial Literacy Initiative. The NCUA initiative is a new technical assistance grant (TAG) project, and is related to the agency’s Community Development Revolving Loan Fund (CDRLF). The agency in a release said that the Financial Education and Financial Literacy Initiative aims to “improve financial literacy among the general population, particularly students.” The NCUA said that projects that would be eligible for funding include:
* Educational partnerships with schools, teacher associations, and parent groups; * Partnerships with credit counseling organizations to offer training to help members improve their credit scores and access to credit; and * Enhancement of online financial education modules.
Programs that provide counseling for first-time homebuyers and partnerships with organizations that offer general financial literacy and education opportunities would also be eligible for funding, the NCUA said. Eligible credit unions may receive up to $5,000 in funds. Applications for the initiative will be accepted from April 18 through May 20, the NCUA said. The educational initiative will run on a yearly basis. Additional information on other CDRLF programs will be announced as their funding is determined, the NCUA said.