However, the CDFIs that participated in CPP and were in good standing were eligible to exchange those investments into the CDCI
program, which had an initial dividend or interest rate of 2 percent.
And in 2010, an academic critic of the TARP program alleged that political influence played a role in deciding which credit unions received CDCI
But not everyone is optimistic all the CDCI
credit unions will be able to leave the program.
However, many CDCI
institutions have not complied with this requirement, refusing to provide transparency.
was there to boost economic development and DGE FCU took advantage, as did dozens of other credit unions, and it shouldn't be faulted for using the funds.
In connection with its participation in the CDCI
, the Company was able to reduce the annual cumulative dividend rate of 5% paid on the Series A preferred stock to an annual cumulative dividend rate of 2% paid on the Series B preferred stock.
Because assessments of parents with disabilities were often conducted by professionals with no knowledge of disability, CDCI
sponsored a series of trainings by Dr.
In 2010, the Lawyers Alliance provided key legal help to small CUs that were trying to understand the rules and requirements of participating in the CDCI
Funded with money from the Troubled Asset Relief Program, the CDCI
funneled longer term, low-interest loans to community development credit unions that NCUA approved as "viable.
That lit a fire under us," Daugherty admits, "because we knew that not only did we qualify, but also that the CDCI
program and funds would be in great demand.
The push among CDCUs to qualify for CDCI
funding last year resulted in significantly more CDCUs recognized as CDFIs.
Under the CDCI
, the Company was eligible to receive 5% of our risk-weighted assets which equated to $17,123,000.