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.
The White House and Congress are starting to recognize the impact community development financial institutions are having in providing affordable housing expansion, small business support and financial services to urban and rural areas.
Be it expanding affordable housing, supporting small businesses or providing financial services to urban and rural areas, community development financial institutions continue to play a pivotal role.
NCUA has confirmed that it will weigh community development credit unions allowance for loan losses more heavily when it evaluates their applications for funds under the U.S. Treasury Department's Community Development Capital Initiative.
The deadline for having at least started the process for accessing money under the U.S. Treasury's Community Development Capital Initiative program is rapidly approaching.
Bill Bynum, CEO of the Enterprise Corporation of the Delta, the sponsoring organization for the $122 million Hope Community Credit Union, will be among the leaders to testify before the House Financial Services Committee on March 9.
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 NCUA Board has approved changes to the agency's regulations to allow eligible credit unions to use capital they might access from the Troubled Asset Relief Program. The board took the action in a notational vote Feb. 9.
The U.S. Treasury Department 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 Department's CDFI Fund.
Consumers are choosing decreasing debt over putting away savings as their No. 1 priority for the new year, according to an online poll by the National Foundation for Credit Counseling.