WASHINGTON – Right this moment, U.S. Sens. Mark R. Warner and Tim Kaine (each D-VA) introduced that $29,856 in federal funding will likely be awarded to 3 credit score unions in Virginia. The funding, labeled as Digital Service and Cybersecurity grants, will go in direction of strengthening the credit score unions’ cybersecurity methods, buying expertise that permits staff to work remotely, or implementing digital providers for members like cellular or on-line banking. The grants, awarded via the Nationwide Credit score Union Administration’s 2022 Neighborhood Growth Revolving Mortgage Fund, are particularly designed to help low-income credit score unions and underserved customers.
“Credit score unions assist guarantee all Virginians have entry to the monetary assets they should save for his or her households, purchase a house, or begin a enterprise,” the senators stated. “This funding will instantly help these organizations’ operations in order that they will proceed to achieve out to underserved communities within the Commonwealth.”
The funding is distributed as follows:
- $10,000 for the Virginia Educators Credit score Union in Newport Information, VA.
- $10,000 for RVA Monetary in Richmond, VA.
- $9,856 for the Richmond Heritage Federal Credit score Union in Richmond, VA.
Sens. Warner and Kaine have lengthy labored to make sure that underserved communities have higher entry to monetary providers. Throughout the COVID-19 pandemic, Sens. Warner and Kaine secured funding for Neighborhood Growth Monetary Establishments (CDFIs) and Minority Depository Establishments (MDIs) in pandemic aid packages modeled after Sen. Warner’s Jobs and Neighborhood Funding Act.
Most not too long ago, Sen. Warner launched the bipartisan Senate Neighborhood Growth Finance Caucus to function a platform the place policymakers can coordinate and develop on public and private-sector efforts in help of the missions of Neighborhood Growth Monetary Establishments (CDFIs) and Minority Depository Establishments (MDIs).
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