The National Federation of Community Development Credit Unions is helping CDCUs organize themselves to take advantage of any opportunity to obtain more government support.
The source of the support is the CDFI bond program, an element of the Small Business Jobs Act which was passed in 2010. Under the program, administered by the Treasury's Community Development Financial Institutions Fund, Treasury will guarantee bonds and other notes issued by community development financial institutions provided the notes are used for community or economic development projects.
But while the opportunity has arisen, the National Federation is working hard to alert CDCUs to the work they will need to do to take advantage of it.
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