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, but it appears that a relatively few credit unions have filed their first paperwork.
As of a March 19 conference call and Web event on the program sponsored by the National Federation of Community Development Credit Unions, only 26 CDCUs had filed the paperwork to start the process. A more up to date number was not available as of press time.
The CDCI program is an U.S. Treasury Department initiative that will lend community development financial institutions, including credit unions, money at very low interest rates. The CDCUs can use this money, which comes from the Troubled Asset Relief Program, to supplement their capital funds. Credit unions that have been certified as CDFIs by the Treasury Department's CDFI Fund and have been recognized as low-income credit unions by the NCUA are eligible to participate.
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