ALEXANDRIA, Va.–NCUA will be co-hosting a webinar today on the Emergency Capital Investment Program.
In conjunction with Treasury and other agencies are holding the “Ask the Regulators” webinar to respond to questions around the new program.
“This is an important opportunity for CDFI-certified and MDI-designated credit unions to expand access to affordable financial services and assist individuals and small businesses hit particularly hard by the pandemic,” NCUA Chairman Todd M. Harper said. “I strongly encourage all eligible credit unions to learn more about this program. It is the kind of effort that defines the credit union mission, and it can make a real difference to the people and communities they serve.”
The 75-minute webinar, “An Overview of the Emergency Capital Investment Program,” will take place today beginning at 3 p.m. ET. To register, go here.
Registration for the webinar is now open online. Participants may submit questions in advance by email at asktheregulators@stls.frb.org. Questions submitted by May 18 will receive priority.
July 6 Deadline
Eligible credit unions interested in applying for the Emergency Capital Investment Program now have until July 6 to submit their application, NCUA reminded.
The agency noted that 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. The 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.
Additional Information
Credit unions can review the Treasury Department’s ECIP information page in advance to learn more about the program.
NCUA also responded earlier to numerous questions from CUToday.info regarding the program; the responses can be found here.