The federal credit union regulator on Tuesday encouraged credit unions to participate in an upcoming “Ask the Regulators” webinar on the Treasury Emergency Capital Investment Program (ECIP), which has extended its application period to July 6.
The 75-minute webinar, “An Overview of the Emergency Capital Investment Program,” will be held Monday, May 24, beginning at 3 p.m. ET, the National Credit Union Administration (NCUA) said in a release.
The ECIP was established under the Consolidated Appropriations Act, 2021. Under this program, Treasury will provide up to $9 billion in capital directly to depository institutions that are certified community development financial institutions (CDFIs) or minority depository institutions (MDIs). The funding may be used to provide loans, grants, and forbearance for small businesses, minority-owned businesses, and consumers – especially those in low-income and underserved communities – that may be disproportionately impacted by the economic effects of the COVID-19 pandemic.
Treasury says it will set aside $2 billion for CDFIs and MDIs with less than $500 million in assets and an additional $2 billion for CDFIs and MDIs with less than $2 billion in assets.
“This is an important opportunity for CDFI-certified and MDI-designated credit unions to expand access to affordable financial services and assist individuals and small businesses hit particularly hard by the pandemic,” said NCUA Chairman Todd Harper said. “I strongly encourage all eligible credit unions to learn more about this program. It is the kind of effort that defines the credit union mission, and it can make a real difference to the people and communities they serve.”
Registration for the webinar is open now. Participants may submit questions in advance by email at asktheregulators@stls.frb.org; questions submitted by May 18 will receive priority.
Federal Financial Regulators to Hold Webinar on Emergency Capital Investment Program