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News Now

Washington
NCUA to set guidelines for new CDFI capital program
ALEXANDRIA, Va. (2/4/10)—The National Credit Union Administration (NCUA) announced Wednesday it would act with “appropriate speed” to develop a rule that enables qualifying credit unions to make full use of the U.S. Treasury Department’s program aimed at expanding financial institution lending in low-income areas. Details of the TARP Initiative for Community Development Financial Institutions were announced yesterday. (See related story: $1B TARP plan includes CDFI CUs) As the program name suggests, participation is open to financial institutions, including low-income credit unions, which have been designated as Community Development Financial Institutions, and its funding will be available under the Troubled Assets Relief Program (TARP). NCUA Chairman Debbie Matz applauded the program, calling it a “bold and innovative proposal” and stating it will provide “significant benefits to low-income credit unions as they strive to find new ways to reach consumers in disadvantaged communities.” “Now that the program has been unveiled, the NCUA board will move with all appropriate speed to develop a rule that enables qualifying credit unions to make full use of this program. I am confident that credit unions will see the promise and possibilities in this initiative, and will utilize the new funding to enhance service to those who need credit unions the most," Matz said in a statement. The Credit Union National Association (CUNA) also on Wednesday noted its appreciation of the Treasury’s announcement. However, CUNA President/CEO Dan Mica added that CUNA maintains that “the most effective way to help many more credit unions help the economy is by giving credit unions greater capacity to make business loans.”


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