More than 100 executives from credit unions, CUSOs, regulatorsand advisory firms dialed into a March 4 conference call to findout what credit unions will have to do to obtain money under theU.S. Treasury's Community Development Capital Initiative.

The Treasury and White House first announced the program inFebruary. It makes funds from the Troubled Asset Relief Programavailable to development banks and credit unions in the form oflong-term, low-interest loans that will be used to strengthencapital positions. The conference was one of the opportunities CUshad to find out what they would have to do to obtain a loan, whichcan be for up to 3.5% of a credit union's assets. The loans willcarry an interest rate of 2% for eight years and then a rate of 9%for credit unions that want to hold on to them for five moreyears.

The good news from the call came early. The initial applicationfor the money will be two pages long. But the details about whatcredit unions would have to do to support the application were abit more daunting.