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The NCUA and other federal financial regulators are hosting a webinar May 24 on the Treasury Department's Emergency Capital Investment Program (ECIP). The program allows eligible Community Development Financial Institutions (CDFIs) and minority depository institutions (MDIs) to apply for funding to support small businesses and consumers facing financial hardships amid the coronavirus pandemic.

Last month, Treasury extended the ECIP's application deadline to July 6.

Credit unions can register online now for the webinar, set to begin at 3 p.m. Eastern May 24,  and questions can be submitted in advance via email.

The ECIP, established under the Consolidated Appropriations Act (CAA), will provide up to $9 billion in capital directly to depository institutions that are certified CDFIs or MDIs. This funding may be used to provide loans, grants, and forbearance for small businesses, minority-owned businesses, and consumers – especially those in low-income and underserved communities – that may be disproportionately impacted by the economic effects of the COVID-19 pandemic.

Treasury will set aside $2 billion for CDFIs and MDIs with less than $500 million in assets and an additional $2 billion for CDFIs and MDIs with less than $2 billion in assets.

NAFCU has additional details on the program available in a Regulatory Alert; NAFCU Regulatory Affairs Counsel Aminah Moore provided insights into the ECIP and a NCUA webinar on the program in recent posts on the NAFCU Compliance and CFO Networks.