(May 14, 2021) NCUA is encouraging credit unions to participate in a May 24 webinar explaining (and answering questions about) the U.S. Treasury’s 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 at 3 p.m. ET, the agency said in a release.
The ECIP was established under the Consolidated Appropriations Act, 2021. Under the program, Treasury provides up to $9 billion in capital directly to credit unions and other 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.
NCUA Board Chairman Harper has repeatedly encouraged credit unions to learn more about the program.
Registration for the webinar is open; participants may submit questions in advance by email at firstname.lastname@example.org; questions submitted by May 18 will receive priority, NCUA said.