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.

The Treasury and White House first announced the program in February. It makes funds from the Troubled Asset Relief Program available to development banks and credit unions in the form of long-term, low-interest loans that will be used to strengthen capital positions. The conference was one of the opportunities CUs had to find out what they would have to do to obtain a loan, which can be for up to 3.5% of a credit union’s assets. The loans will carry 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 more years.

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