WASHINGTON - (10/01/04) -- Six credit unions and four creditunion organizations will receive $7 million in funding under theTreasury's Community Development Financial Institutions program,most of it to help them expand affordable housing programs. Andanother two dozen credit unions will share almost $1 million intechnical assistance grants from the program this year. This year'srecipients include the National Federation of CDCUs, which willreceive $1 million to produce a new CDCU Family Home Fund to helpfinance non-conforming loans for its credit union members. Thebiggest credit union-backed recipient is the Self-Help VenturesFund, affiliate of Self-Help CU, Durham, N.C., which received $2million for reserves for its secondary loan program. Also, the N.C.Minority Support Center, Durham, received $500,000 to make capitalinvestments in its 10 member credit unions. Other credit unionrecipients are: Alternatives FCU, Ithaca, N.Y., $1.4 million toexpand affordable housing; Bushwick Cooperative FCU, Brooklyn,N.Y., $262,720 to support its affordable housing program; VermontDevelopment CU, Burlington, Vt., $783,000 to increase its home andcar loan capacity; Lower East Side People's FCU, New York City,$560,000 to support affordable housing loans in one of New YorkCity's Hot Zones; Hacienda Community CU, Portland, Ore., $99,000 tosupport its affordable housing program; Saguache County CU, Moffat,Colo., $250,000 to increase its capital; and Montana Credit Unionsfor Community Development, Helena, Mont., $28,300 to provideconsulting services for local CDCUs.
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The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
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Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
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The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
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Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
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