Summary of March 4, 2009 NCUA & Federation Community Development Capital Initiative Conference Call
“This is a very unique opportunity and we would like to see as many credit unions apply for it as possible.”
-NCUA Chairman Debbie Matz-
On March 4, 2010 the National Credit Union Administration (NCUA) and the National Federation of Community Development Credit Unions (Federation) hosted a joint conference call for credit unions from across the country to discuss the Treasury Department’s Community Development Capital Initiative. Participants were welcomed by NCUA Chairman Debbie Matz and Federation President/CEO Cliff Rosenthal. Summary
Credit unions with both low-income designation and CDFI Certification may apply for long-term, secondary capital loans from Treasury Department’s Community Development Capital Initiative (CDCI).
CDCI loans will be in the form of secondary capital, deeply subordinated debt that is counted as net worth.
Eligible credit unions can apply for amounts of up to 3.5% of their total assets.
Treasury has sufficient funding available for all eligible and qualifying credit unions that apply within the strict time frames listed in the table below.
NCUA has a limited number of Technical Assistance Grants for credit unions to develop the required Secondary Capital Plans by May 3rd.
Important Dates and Links
Help available from Federation (for all phases of CDCI applications)