Even as it increases its capital donation for an ailing San Francisco credit union, Patelco CU disclosed Thursday its community outreach programs have witnessed a 60% budget cut over the last three years.
The California and Nevada Credit Union Leagues recognized two community development credit unions for their community outreach efforts.
In an extraordinary appeal, the $6.6 million Mission SF Federal Credit Union is asking CUs to donate funds to help restore its capital and forestall an NCUA-engineered merger or liquidation.
The U.S. Treasury Department's Community Development Capital Initiative drew a charge of political tampering last week from an economist who has often been critical of programs related to the Troubled Asset Relief Program.
The $16 million Bethex Federal Credit Union has won an award that will bring it an additional $25,000, the credit union said.
The National Federation of Community Development Credit Unions has defended a Treasury program from charges that politics played a role in how it distributed money to CDCUs.
Forty-eight community development credit unions that applied for funds from the U.S. Treasury Department's Community Development Capital Initiative received them by the time the program distribution closed last week.
Forty eight credit unions received almost $70 million from the U.S. Treasury's Community Development Capital Initiative program, according to the National Federation of Community Development Credit Unions.
The $2.2. million Thurston Union of Low Income People Credit Union, headquartered in Olympia, Wash., is celebrating a $75,000 loan from the U.S. Treasury's Community Development Financial Capital Initiative.