The NCUA is hosting a webinar at 2 p.m. on Feb. 3 on the U.S. Treasury’s Emergency Capital Investment Program.
Participants will learn 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.
Congress created Emergency Capital Investment Program as part of the Consolidated Appropriations Act, 2021 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, according to the NCUA. A federally insured credit union must be certified as a CDFI or as a minority depository institution to participate in the program.
“The Emergency Capital Investment Program offers eligible credit unions resources to support members and communities negatively impacted by the pandemic,” said Todd M. Harper, NCUA chairman. “I encourage eligible credit unions to participate in this webinar and to learn more about the benefits of this program and how it can be used to support the communities they serve.”
Interested participants can click here to register for the 60-minute webinar.