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NCUA notes progress with capital plan reviews
ALEXANDRIA, Va. (6/30/10)--The majority of the 111 credit union applications for the U.S. Treasury’s Community Development Capital Initiative (CDCI) have now been reviewed by the National Credit Union Administration (NCUA), with most of those reviewed applications then being forwarded on to the Treasury. The 111 credit union requests have sought a collective $282 million in funding from the CDCI, which makes secondary capital investments of up to 3.5% of assets in eligible low-income credit unions. The NCUA is reviewing the applications for financial soundness, and is notifying accepted credit unions of their status. The NCUA expects to complete its review process in July. The National Federation of Community Development Credit Unions has estimated that over $100 million of the CDCI funds could be distributed to eligible credit unions, and Treasury Secretary Tim Geithner earlier this month said that the Treasury would likely begin disbursing CDCI funds next month. The NCUA in a release said that it has aided credit union applicants that needed to clarify or revise their secondary capital plans, with NCUA Chairman Debbie Matz saying that she wanted the NCUA to “bring a positive and supportive approach to the table when it came to credit union participation in this important initiative.” For the NCUA release, use the resource link.
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