WASHINGTON – Today, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) announced that $29,856 in federal funding will be awarded to three credit unions in Virginia. The funding, classified as Digital Service and Cybersecurity grants, will go towards strengthening the credit unions’ cybersecurity systems, acquiring technology that allows employees to work remotely, or implementing digital services for members like mobile or online banking. The grants, awarded through the National Credit Union Administration’s 2022 Community Development Revolving Loan Fund, are specifically designed to support low-income credit unions and underserved consumers.
“Credit unions help ensure all Virginians have access to the financial resources they need to save for their families, buy a home, or start a business,” the senators said. “This funding will directly support these organizations’ operations so that they can continue to reach out to underserved communities in the Commonwealth.”
The funding is distributed as follows:
- $10,000 for the Virginia Educators Credit Union in Newport News, VA.
- $10,000 for RVA Financial in Richmond, VA.
- $9,856 for the Richmond Heritage Federal Credit Union in Richmond, VA.
Sens. Warner and Kaine have long worked to ensure that underserved communities have better access to financial services. During the COVID-19 pandemic, Sens. Warner and Kaine secured funding for Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) in pandemic relief packages modeled after Sen. Warner’s Jobs and Neighborhood Investment Act.
Most recently, Sen. Warner launched the bipartisan Senate Community Development Finance Caucus to serve as a platform where policymakers can coordinate and expand on public and private-sector efforts in support of the missions of Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs).