Newsroom
244 credit unions received $401.8 million in awards through CDFI RRP
Yesterday, the Department of Treasury announced community development financial institutions (CDFIs) awards from its Rapid Response Program (RRP) and 244 credit unions received $401.8 million in grants.
The grants will be made via Treasury’s CDFI RRP and will be able to provide capital for CDFIs to respond to economic challenges generated by the COVID-19 pandemic, mainly in underserved communities. The CDFI RRP grant funds will be used to support eligible activities such as financial products, financial services, development services, and certain operational activities, and to enable CDFIs to build capital reserves and loan-loss reserves.
“CDFI credit unions have always worked hard to help low-income and underserved communities gain access to financial services,” said NAFCU President and CEO Dan Berger. “During the pandemic, credit unions stepped up to the plate to ensure these communities had the financial resources needed to weather the pandemic. NAFCU has advocated tirelessly for additional CDFI funding so credit unions can take good financial care of their local communities and to help Americans in need of support. For every dollar the U.S. Treasury has awarded in new grant funding, there is a CDFI that will put each dollar to good use towards the economic recovery.”
NAFCU hosted a free webinar earlier this year with representatives from Inclusiv to review the RRP application process and how CDFI credit unions can prepare to apply for grants. The CDFI RRP on-demand webinar is available until February 26, 2022.
NAFCU will continue to advocate for MDI and CDFI certified credit unions, as they play an integral role in providing resources to underserved, minority communities and populations.
Share This
Related Resources
Add to Calendar 2024-04-24 14:00:00 2024-04-24 14:00:00 Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage About The Webinar Join us to learn more about network lending, a cooperative model allowing credit unions to optimize liquidity and achieve loan growth. Discover how credit unions can participate in loan pools with other institutions, allowing them to diversify portfolios, access loans with potentially lower risk and higher yields, and expand lending capacity without necessarily needing a surge in deposits. Delve into how credit unions can pool their resources, set common underwriting and pricing standards, and collectively originate, buy, and sell loans to optimize liquidity management. Hear from your peers about best practices, case studies, and practical strategies to harness the full potential of network lending and how it's helped their credit unions. Don't miss this valuable opportunity to learn how to strengthen your credit union's position in today’s competitive environment. Key Takeaways: How network lending differs from traditional lending The benefits of participating in loan pools with other credit unions How credit unions can set common underwriting and pricing standards and collectively originate, buy and sell loans to optimize liquidity management Why network lending is critical to loan growth Register Here Web NAFCU digital@nafcu.org America/New_York public
Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage
preferred partner
LendKey
Webinar
Add to Calendar 2024-04-23 14:00:00 2024-04-23 14:00:00 Monitoring the Latest Litigation Risks Credit unions’ operations pose litigation risks, with more of these cases being filed as class action lawsuits. In this Monitoring the Latest Litigation Risks for Credit Unions webinar, you’ll review some of the specific kinds of lawsuits impacting credit unions and what potential claims could be on the horizon. You’ll also examine some options for mitigating risks. Key Takeaways Review the current lawsuit trends. Understand the potential claims risks Explore options for mitigating risks. Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 23, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Monitoring the Latest Litigation Risks
Credits: NCCO, NCRM
Webinar
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
Get daily updates.
Subscribe to NAFCU today.