NCUA encourages credit unions interested in learning more about the Treasury Department’s Emergency Capital Investment Program to join an “Ask the Regulators” webinar hosted by NCUA and other federal financial regulators. Registration is now open for the 75-minute webinar, “An Overview of the Emergency Capital Investment Program,” which will take place May 24, beginning at 3 p.m. (ET).
Participants may submit questions in advance by email at firstname.lastname@example.org. Questions submitted by May 18 will receive priority.
Eligible credit unions interested in applying for the Emergency Capital Investment Program now have until July 6 to submit their applications.
Under the Emergency Capital Investment Program, Treasury will provide up to $9 billion in capital directly to depository institutions that are certified Community Development Financial Institutions or minority depository institutions. This funding may be used to provide loans, grants, and forbearance for small businesses, minority-owned businesses, and consumers—especially those in low-income and underserved communities—that may be disproportionately impacted by the economic effects of the COVID-19 pandemic.
Treasury will set aside $2 billion for CDFIs and MDIs with less than $500 million in assets and an additional $2 billion for CDFIs and MDIs with less than $2 billion in assets.
Credit unions can review the Treasury Department’s ECIP information page in advance of the May 24 webinar to learn more about the program.