ALEXANDRIA, Va.–NCUA announced it will be co-hosting separate upcoming webinars on the Emergency Capital Investment Program and the CDFI’s Small Dollar Loan Program.
Credit unions interested in learning more about the Treasury Department’s Emergency Capital Investment Program are being urged by NCUA to join an “Ask the Regulators” webinar on May 24 that will be hosted by the agency and other federal financial regulators.
“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 on May 24, beginning at 3 p.m. ET.
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 of the May 24 webinar 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.
Webinar on Small-Dollar Loans
In the second webinar, NCUA said it will join will offer additional information on the Department of the Treasury’s Community Development Financial Institutions Fund’s Small-Dollar Loan Program.
The webinar is scheduled for May 27 at 2 p.m. ET.
Online registration for the 60-minute webinar, co-hosted by NCUA and the CDFI Fund is open now. Participants will be able to log into the webinar and view it on their computers or mobile devices using the registration link. They should allow pop-ups from this website.
According to the agency, staff from NCUA and the CDFI Fund will describe the program and discuss eligibility and permissible uses of these funds. A question-and-answer session will follow the presentation. Credit unions should review the CDFI Fund’s Small-Dollar Loan Program webpage, including information about the application process and timeline.
Up to $13.5 Million Available
The CDFI Fund anticipates up to $13.5 million will be available for this program in 2021. Credit unions that are not certified as CDFIs may still be eligible for the program through partnerships with CDFIs or any federally insured depository institution whose primary mission is serving targeted investment areas.
Participants can submit questions anytime during the presentation or in advance by emailing WebinarQuestions@ncua.gov. The email’s subject line should read, “CDFI Small Dollar Loan Program.”