Part 4 of Inclusiv's COVID-19 Town Hall Calls on COVID-19 Crisis webinar featured Rodney Hood, NCUA Chairman giving an overview of how credit unions, especially those serving low-income communities, can navigate the COVID-19 crisis and what the NCUA is doing to provide support.
Highlights include:
- The NCUA has published several letters addressing COVID-19 initial actions and available resources
- The NCUA announced $4 million in loans and $800,000 in grants available for federally insured low-income designated credit unions through the Community Development Revolving Loan Fund
- NCUA's Office for Credit Union Resources and Expansion (CURE) will award grants and loans to low-income credit unions
- Eligible credit unions may apply for the COVID-19 response grants or loans through May 22 using the NCUA's CyberGrants Portal
- The NCUA does not plan to introduce any new rules that will further burden credit unions
- There is a simple application for non-SBA lenders to participate in the PPP program
- Hood answered more specific questions from Inclusiv members
Click here to view and download the video and presentation slides.