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More LICUs wont have to match funds to apply to CDCI
WASHINGTON (4/15/10)--The National Credit Union Administration (NCUA) on Wednesday announced that it has “adjusted its evaluation criteria with respect to non performing loans” to allow additional low income credit unions (LICUs) to qualify for the U.S. Treasury’s Community Development Capital Initiative (CDCI) without the need for matching funds. According to the NCUA’s Director of Small Credit Union Initiatives Tawana James, the “new formula will give greater weight to LICUs’ cushion against delinquencies even in worst-case scenarios.” The Treasury late last month extended the CDCI application deadline until April 30, and National Federation of Community Development Credit Unions (Federation) President/CEO Cliff Rosenthal said his group hopes that the new standards “will indeed make it possible for many more credit unions to apply by the April 30 deadline." The NCUA and the Treasury last month also extended the deadline for associated secondary capital plans until May 10. A federation request reportedly precipitated the change by the NCUA. The CDCI program allows LICUs that are certified by Treasury as Community Development Financial Institutions (CDFIs) to obtain up to 3.5% of their assets as secondary capital. The federation recently opted to make $1 million in secondary capital available as matching funds for member community development credit unions (CDCUs) that might not be immediately eligible for CDCI investments in a bid to help more CDCUs qualify for CDCI funds. For the federation release, use the resource link.
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