As Prepared For Delivery on February 18, 2021
First, I’d like to thank everyone working on this program. I understand the NCUA working group including the offices of Examinations & Insurance, CURE, General Counsel as well as the Eastern, Southern and Western regional offices have been meeting weekly on this project. This is a massive effort by all parties involved and I want to express my appreciation for their diligence.
It is no secret that credit unions shine during times of crisis, and the pandemic has been no exception. For CDFI credit unions and minority depository institutions (MDI) credit unions, it goes beyond providing financial services. It includes engaging with community leaders; coordinating with businesses and creating coalitions to support those in need. I encourage CDFI and MDI credit unions to take advantage of this funding.
During a recent industry webinar, one credit union complained that too often CDFI and MDI credit unions are invisible to state and local leaders as sources of support for distressed communities. But the pandemic has provided an opportunity to change that, especially when credit unions work together.
Attendees on the webinar reported that in New York state, credit unions have formed a coalition of CDFI credit unions to engage state and local foundations. In Oregon, four CDFI credit unions worked together to get on the state’s radar and now have loaned $2.5 million dollars to 400 small businesses hurt by the pandemic. Working together has gotten these credit unions a seat at the table and raised the visibility of CDFI and MDI credit unions overall.
The ECIP funding is an opportunity to raise the visibility of credit unions in communities that have been hardest hit by the pandemic. I look forward to learning how CDFI and MDI credit unions use these funds to assist their communities.
Mr. Chairman, this concludes my remarks. Thank you.