Webinar to explain to credit unions Treasury program for help communities weather pandemic’s effect

A Treasury program intended to help certain credit unions (as well as banks and other financial institutions) to support their members affected by the coronavirus crisis is the topic of a Feb. 3 webinar sponsored by the federal credit union regulator, the agency said Thursday.

In a release, the National Credit Union Administration (NCUA) said credit unions eligible to participate in the program (that is, those certified as a community development financial institution or as a minority depository institution) would hear in the webinar about the program’s eligibility and application requirements; the financial instrument and terms used for the investment; and whether credit unions can use the investment as secondary capital.

NCUA said the Treasury’s Emergency Capital Investment Program, established under the Consolidated Appropriations Act, 2021 that was passed by Congress last month, aims to help community-based financial institutions support consumers and local small businesses in low-income and underserved communities that have been disproportionately affected by the economic effects of the COVID-19 pandemic.

The webinar is scheduled to last 60 minutes, NCUA said.

NCUA Hosting Feb. 3 Webinar on Treasury’s Emergency Capital Investment Program