Biden Administration announces over $8 billion in investments for CDFIs, MDIs
Vice President Kamala Harris and Treasury Secretary Janet Yellen, along with House Financial Services Committee Chairwoman Maxine Waters, D-Calif., and Senator Mark Warner, D-Va., on Wednesday announced that the Biden-Harris Administration has made $8.28 billion of investments through the Emergency Capital Investment Program (ECIP) to benefit community development financial institutions (CDFIs) and minority depository institutions (MDIs).
“I am proud that the Biden-Harris Administration is announcing that they have turned our legislation into reality by providing more than $8 billion in capital investments to strengthen 162 community financial institutions,” stated Waters. “Since the 2008 financial crisis, I have been dismayed that we saw one-third of our MDIs close, and even worse, more than half of the nation’s Black banks have been lost. These are losses that our communities cannot afford.
“MDIs as well as CDFIs have proven critical to distributing capital, credit, and financial services to their local communities,” added Waters. “Their support is critical because these communities are often underserved and ignored by other financial institutions.”
NAFCU has long supported CDFIs and MDIs, noting the impact CDFI-certified credit unions have on local communities. The association has pushed Congress for more funding and a better CDFI certification process to help financial institutions, especially credit unions, better support underserved areas.
NAFCU recently published an issue brief on CDFIs, detailing how important they are for underbanked areas, often a result of big banks closing up branches throughout the country.
Relatedly, at NAFCU’s 2022 Congressional Caucus, Inclusiv CEO Cathie Mahon, President and CEO of Freedom First Credit Union Paul Phillips and President and CEO of River City Federal Credit Union Jeff Ivey sat down for a panel discussion to talk about the importance of CDFIs, citing the positive impacts being a CDFI-certified credit union has had on their local communities.
In addition, NAFCU and Inclusiv earlier this year met with NCUA Chairman Todd Harper and other NCUA staff to discuss the NCUA’s announcement to phase out its CDFI streamlined application process. NAFCU on several occasions has urged the CDFI Fund to streamline their certification process and address the current application backlog as it has kept many applicants, including credit unions, waiting for months before they hear from the organization.
NAFCU continues to work with the Congress and regulators to help credit unions navigate the CDFI certification process.
Add to Calendar 2022-09-29 14:00:00 2022-09-29 14:00:00 Coming Soon: CECL This is a deep-dive refresher into the requirements of the Current Expected Credit Losses (CECL) standard. ASC 326 (CECL) is the most significant accounting standard to impact credit unions in many years. Your credit union should be prepared to adopt CECL in 2023 – this will be an effort to make sure you have a sound calculation, appropriate accounting policies and sufficient disclosures. In this Coming Soon: CECL webinar, you’ll get a baseline understanding of the accounting decisions required by the standard, with a focus on those that have tripped up earlier adopters; lessons learned from previous adopters; best practices and key items to consider for your model on a go-forward basis. Key Takeaways Understand requirements of the CECL standard Analyze lessons learned and best practices from previous adopters Evaluate key items to consider for future maintenance of the CECL model(s) 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 September 29, 2023.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Presidents and CEOs CFOs Accounting titles NCRMs Risk titles Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Senior Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Accounting – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
Credits: NCRM, CPE
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