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NAFCU requests clarification of CU eligibility in GHGR Fund
NAFCU Vice President of Regulatory Affairs Ann Petros wrote to the Environmental Protection Agency (EPA) requesting the agency to clarify that credit unions can “participate in grant opportunities under the Greenhouse Gas Reduction (GHGR) Fund before issuing the Notice of Funding Opportunity (NOFO).”
In the letter, Petros remarked that NAFCU appreciated the EPA’s recognition of credit unions and the value they provide in their communities but noted that “the EPA must confirm the threshold eligibility requirements in its new proposed implementation framework to confirm that credit unions and CDFIs can receive funding” from the fund. Additionally, she said that the Clean Air Act allows the EPA to make grants to “a variety of lending intermediaries,” including credit unions – if they meet eligibility criteria.
Petros also noted that credit unions have experience in community and cooperative lending and “will ensure the long-term success of the GHGR Fund.”
NAFCU previously engaged the EPA on this issue, calling on the agency to allow credit unions to obtain funds through the GHGR Fund to support projects that reduce greenhouse gas emissions and air pollution in low-income and disadvantaged communities. In response to inaccurate and misleading comments regarding the agency’s ability to distribute money from the fund to credit unions, Petros countered with a legal analysis that indicated otherwise.
NAFCU will continue to work with the EPA and Congress to ensure appropriate implementation of the fund and credit unions’ access to it for qualified projects.