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News Now

Washington
CUNA audio conference will address CU HARP CU SIP
WASHINGTON (12/12/08)--A no-charge audio conference focusing on details of the two newly announced federal programs to assist credit union mortgage holders and corporate credit unions will be held by the Credit Union National Association (CUNA), in conjunction with the National Credit Union Administration (NCUA) and state leagues, Tuesday, Dec. 16, from 11 a.m. to noon ET. In particular, the event--open to any CUNA-affiliated credit union--will offer credit unions information about how they can participate in the “Credit Union Homeowners Affordability Relief Program (CU HARP)” and the “Credit Union System Investment Program (CU SIP).” The programs are designed, respectively, to lower monthly mortgage payments for struggling low- and moderate-income credit union members, and to free up collateral pledged by corporate credit unions and thereby provide increased contingent borrowing capacity. Both programs rely on the NCUA-administered Central Liquidity Facility (CLF) to provide funding. The CUNA program will feature two NCUA officials:
* CLF President Owen Cole, and * CLF Vice President Steve Sherrod.
The two federal officials will present details of the two programs and answer questions from conference participants. The audio conference is expected to last about one hour. While there is no charge for participants, it is limited to the first 1,000 who register. To register, CUNA-affiliated credit unions should send an e-mail to:
* CUNARegulatoryAdvocacy@cuna.com.
Please, one phone line per registered credit union only to make room for as many as possible. For those unable to listen in on Dec. 16 at beginning at 11 a.m., the call will be recorded and the recording posted to CUNA’s website for review at a later date by affiliated credit unions.


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