1 / 32

Resources for Faith-Based Credit Unions

Resources for Faith-Based Credit Unions. By Economic Development Specialist John Dock. What will you get out of this session? We will cover:. Resources “Best Practices” / Examples. Take Advantage of Small Credit Union Resources.

marilyn
Download Presentation

Resources for Faith-Based Credit Unions

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Resources for Faith-Based Credit Unions By Economic Development Specialist John Dock

  2. What will you get out of this session? We will cover: • Resources • “Best Practices” / Examples

  3. Take Advantage of Small Credit Union Resources • The Small Credit Union Connectivity Toolkit – CUNA Mutual Group • Keys to Successful Lending for Small Credit Unions - CUNA Mutual Group • Keys to Success: A Reference for Smaller Credit Unions - CUNA • Why Many Small Credit Unions are Thriving – Filene Reseach Institute Report • Small Credit Union Data Processors: Survey Results – Filene Research Institute Report • Small Credit Union Task Force Focus Group Report - CUNA

  4. Take Advantage of League and Trade Association Resources • Training – workshops, webinars, conferences, newsletters, and E-mail exchanges • Scholarships and Grants Available

  5. Take Advantage of NCUA Resources • NCUA Small Credit Union Program (SCUP) Workshops and Materials • SCUP (on-site technical assistance) • Low Income Designation • Benefits: low interest loans, technical assistance grants, accept secondary capital funds (PCA), member business loan limitations eased, and non-member deposits limitations eased. • Don’t know whether your credit union qualifies? NCUA can help! Contact your examiner, OSCUI (John Dock) or your regional office.

  6. Take Advantage of NCUA Resources (continued) • NCUA’s Partnering and Leadership Successes (PALS) www.ncua.gov/PALS • NCUA Express (a new e-mail subscription service) www.ncua.gov/express/index.htm

  7. Take Advantage of NCUA Funding Opportunities • Technical Assistance Grant (TAG) Program • Community Development Revolving Loan Fund (CDRLF) Program • Information Available at: www.ncua.gov/CreditUnionDevelopment

  8. NCUA Technical Assistance Grant (TAG) Program – Available Grants • Urgent Needs Grant • Student Internship Initiative • Volunteer Income Tax Assitance (VITA) Initiative • Building Internal Capacity Initiative (ends 6/15) • Enhancing Members Services (Outreach) Initiative • Third Party Intermediary Grants (Training)

  9. NCUA Community Development Revolving Loan Fund • Aggregate Loan Limit $300,000 • Current Interest Rate 1% • 5-Year Term

  10. Types of Collaborations • Financial

  11. Remember: You will never know what you can get – unless you ask. In other words, be cautiously assertive.

  12. What type of financial assistance is available? • Grants • Equity Investments • Secondary Capital (LICUs) • Loans • Deposits • Non-member Deposits (below market rates) • Loan Participations • Outside Technical Assistance (mentor, expert, NFCDCU, SCUP, EDS, SCUPSME)

  13. Who are potential funding sources? • Credit Unions • Banks & Other Financial Institutions • NCUA/CDRLF • CDFI, HUD, USDA, SBA, NFCDCU • Private Foundations - “(501)(c)(3) status helps” • Local Governmental Units • Sponsor • www.grants.gov

  14. Community Development Financial Institutions Fund (CDFI) • Possibilities exist via the New Markets Tax Credit (NMTC) Program • For example, NMTC proceeds have been invested in the purchase and redevelopment of a church-operated childcare center in Chicago, Illinois. • Bank Enterprise Award (BEA) Program (banks can invest funds in CDFI certified credit unions)

  15. Is it worth the effort? Carter County (Ekalaka, MT) $50,000 SECA technical assistance grant (the maximum available under the grant program).

  16. Where can I go for more info? www.cdfifund.gov

  17. Types of Collaborations • Non-Financial

  18. Collaborations • Sharing Resources (branches, staff, CUSOs, even ATMs) • Financial Education • Community Development • Mentoring • Internships

  19. Why would a potential partner collaborate with us? • Credit unions helping credit unions • WIN-WIN-WIN for all • Community development • Increased ability to seek grant funding • Their credit union has more savers than borrowers & your credit union has more borrowers than savers (i.e. excess funds they can put to better use)

  20. Why would a potential partner collaborate with us? (Cont’d.) • Community Reinvestment Act (CRA)

  21. Americorp VISTA Program • Americorp • National Federation of Community Development Credit Unions More info: NFCDCU (212) 809-1850 Corporation for National & Community Service: www.cns.gov California: (310) 235-7709

  22. VITA (IRS Initiative) • Volunteer Income Tax Assistance

  23. IRnet

  24. Credit Union Now Less Reliant on Non-Member Deposits More Info on IRnet: WOCCU.org/prod_serv/irnet

  25. IRnet More info: woccu.org/prod_serv/irnet

  26. Questions?

  27. What Else Is Out There? • NCUA’s Examples of Best Practices – available on the PALs website: www.ncua.gov/PALS • What have you done recently? • Added a new service? • Expand FOM? • Any successful expense control practices? • Any innovative or free ways to get the CU word out? • Financial education/literacy courses for your community?

  28. Summary • Resources • “Best Practices” / Examples

  29. Thank you for your participation! John Dock: jdock@ncua.gov; 1-800-827-6282, ext. 91615

More Related