Eligible credit unions interested in the U.S. Department of the Treasury’s Emergency Capital Investment Program can get valuable information during an upcoming webinar hosted by NCUA on February 3 starting at 2 p.m. (ET). Registration for this 60-minute webinar is now open.
Congress created this program as part of the Consolidated Appropriations Act, 2021 to help community-based financial institutions support consumers and local small businesses in low-income and underserved communities that have been disproportionately affected by the economic effects of the COVID-19 pandemic.
A federally insured credit union must be certified as a Community Development Financial Institution or as a minority depository institution to participate in the program.
The webinar will discuss the program’s eligibility and application requirements; the financial instrument and terms used for the investment, and whether credit unions can use the investment as secondary capital.
Expanding the availability of safe and affordable credit to meet the needs of diverse and underserved communities is a pillar of the NCUA’s financial inclusion initiative, ACCESS: Advancing Communities through Credit, Education, Stability, and Support. T