Around 26 credit unions have applied for funds under the Treasury Department's Community Development Capital Initiative, according to NCUA officials participating in a Web event about the program today.
Applying is a multiple step process, starting with NCUA. The program is funded with Troubled Asset Relief Program money and credit unions that have been designated as low income and recognized as community development financial institutions can apply.
Officials from the National Federation of Community Development Credit Unions and Treasury answered some of the detailed questions that hampered some credit unions from applying. For example, Treasury officials could not answer whether credit unions could apply for CDCI money for less than the full 13-year period outlined by the program. This question is particularly important to CUs that have been told they will need to obtain matching funds from a private source in order to bring their capital up to participate in the program.
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