Community Dividend

First Accounts awards grants

Published November 1, 2002  | November 2002 issue

The U.S. Department of the Treasury's 2002 First Accounts program has awarded $425,812 to Native American Development Corporation of Billings, Mont. The funds will be used to connect 290 low- and moderate-income unbanked people on four Native American reservations to accounts at First Interstate Bank over a two-year period.

Another First Accounts grant, awarded to the National Credit Foundation in Washington, D.C., and the Washington Credit Union League in Federal Way, Wash., will also benefit individuals in the Ninth District. A network of 27 credit unions in eight states—including Montana and North Dakota—will use the $532,570 grant to connect 14,100 unbanked people to accounts at insured depository institutions over 18 months.

The First Accounts program was established to support innovative projects that expand access to financial services for low- and moderate-income people. In 2002, the program awarded 15 grants totaling more than $8 million.