The National Federation of Community Development Credit Unions is launching a concerted effort to help community development credit unions apply for money available from the Treasury's Community Development Financial Institutions Fund.

NCUA Executive Director David Marquis dropped a bombshell on members of Western Corporate Federal Credit Union yesterday afternoon: their paid-in capital and member capital is gone.

Frank Pollack, the president/CEO of the $13 billon Pentagon Federal Credit Union, urged the NCUA Tuesday to work toward lengthening the payment schedule over eight years to re-fund the NCUSIF.

Private investors and the government would work together to buy bad assets to help financial institutions get back on their feet, under a plan unveiled today by Treasury Secretary Timothy Geithner.