Although the funding process is nowhere near complete, it appears that fewer than 100 credit unions may wind up receiving any money from the U.S. Treasury's Troubled Asset Relief Program.
Around 26 credit unions have applied for funds under the Treasury Department's Community Development Capital Initiative, according to NCUA officials participating in a Web event about the program today.
More than 100 executives from credit unions, CUSOs, regulators and advisory firms dialed into a March 4 conference call to find out what credit unions will have to do to obtain money under the U.S. Treasury's Community Development Capital Initiative.
More than 100 executives from credit unions, CUSOs, regulators and advisory firms dialed into a March 4 conference call to find out what credit unions will have to do to obtain money under the U.S.
If everything goes according to plan, the East River Development Alliance, a community development organization headquartered in Long Island City, N.Y., will open the first minority-owned credit union in the New York City borough of Queens this April.
The National Federation of Community Development Credit Unions will make an additional $1 million available to help community development credit unions attain enough capital to access other funds.
The most striking thing a visitor notices about New York City's Lower East Side People's Federal Credit Union is how much it feels like Jimmy Stewart's Bailey Building and Loan in Frank Capra's classic film "It's a Wonderful Life."
The applications that low income credit unions will have to fill out to participate in the U.S. Treasury's Community Development Capital Initiative will only be two pages long, according to NCUA and Treasury officials.
The U.S. Treasury Department is not the only organization providing a conference call for community development credit unions to get more information about how they can apply for low interest Federal loans under the Troubled Asset Relief Program.
The Obama administration will make money from the Troubled Asset Relief Program available to credit unions, banks and thrifts that have been recognized as community development financial institutions by the Treasury Department's CDFI fund.