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 U.S. Treasury announced that it will make money from the Troubled Asset Relief Program available to community development financial institutions, including credit unions, that are deemed viable by their regulators. CDCUs that are found to have too little capital to qualify for the program can find other sources of capital that the Treasury Department will match to bring their capital levels up to where they can participate in the program. The National Federation's money will be one source of that additional capital.
Federation Board Chairman Randy Chambers, chief financial officer of Self-Help CU (Durham, NC), commented on Treasury's new initiative.
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