04/01/14 - Archived VirtualCorps Webinar: Understanding and Leveraging the Power of Your Low Income Designation

04/01/14 - Archived VirtualCorps Webinar: Understanding and Leveraging the Power of Your Low Income Designation $99.00

 

Archived VirtualCorps Webinar:
CDCUs and LIDs: Understanding and Leveraging the Power of Your Low Income Designation

Highlights
As of August 2013 there were 1,961 low income designated credit unions, providing services to 17.8 million members and collective assets of $157.6 billion. Many more are still eligible…find out what it takes to qualify. If you already have the designation, learn how to effectively use those regulatory powers to increase your institutional capacity to serve your members.

Takeaways
This session is ideal for credit unions who are – or want to become – LID and want to learn more about how to maximize the benefits offered by this designation, including:

  • The authority to accept supplemental (secondary) capital (R&R §701.34), which is deeply subordinated debt that counts toward net worth;
  • Exemption from the MBL limitation of 12.25%
  • The right to accept non-member deposits (R&R §701.32) from any source up to the greater of $3 million, or 20 percent of total shares; and
  • Access to the NCUA’s Community Development Revolving Loan Program, which provides loans and Technical Assistance grants
  • Regulatory flexibility

Who Should Attend

  • Managers/CEO’s/ CFO’s small to mid-sized credit unions serving low income segments.
  • Board members
  • Mid-large asset sized credit unions with underserved areas and/or community charters with extensive low income census tracts
  • Supplemental material available.

Speaker: Scott Butterfield or Pablo DeFillipi
Scott Butterfield’s passion for the credit union movement is deeply rooted in a belief that the movement’s future success depends largely on maintaining its unique philosophical roots. For more than 100 years, this service-first approach has made credit unions a welcome alternative to profit-driven institutions, and Scott believes credit unions have never been more relevant than they are today. Scott’s broad experience has produced a credit union leader with unusual insight into program development, policy creation and the know-how to get things done.

As the Associate Director of Membership for the Federation, DeFillipi has embodied the Federation’s mission, to strengthen the credit unions that serve low-and moderate-income people in urban and rural communities, known as “community development credit unions,” or CDCUs. The Federation carries out this mission by advocating for and providing financial, technical, and human resources to CDCUs. The Federation regards all CDCUs as CDFIs within the meaning of the CDFI Act.