Treasury Department Extends Application Deadline to July 6
ALEXANDRIA, Va. (May 11, 2021) – The National Credit Union Administration 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.
“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 Monday, May 24, beginning at 3 p.m. Eastern.
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.
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.