Dear credit union volunteers and professionals,
As we all adjust to the widespread implications of COVID-19, better known as the coronavirus, CU Strategic Planning's owners want you to know that we are still here for you and your credit unions. We have implemented remote work policies for our employees, and we are continuing to work on projects we have in the pipeline to ensure your credit unions get the best possible outcomes for your product, policy and procedure reviews and Community Development Financial Institution certification and grant applications.
CDFIs are critical to many who are particularly likely to come in proximity of those who've contracted coronavirus, whether first responders, healthcare workers, or the elderly and the poor. In response to the impact of COVID-19, CU Strategic Planning, along with CUNA, NAFCU, the Opportunity Finance Network and others, have independently written Congress, requesting additional funding for CDFI grants and the NCUA's Community Development Revolving Loan Fund. In our request specifically, CU Strategic Planning requested immediately funding an:
Increase from $262 million to $600 million for the April 21 grant funding program
Extra Emergency Round of CDFI Funding of $500 million
Additional $5 million for the CDRLF
CU Strategic Planning strongly feels these funds will help our credit union family continue the amazing work they are accomplishing during this extraordinary time. In recent virtual contacts with clients, we've heard from credit unions that are working with members and staff to ensure member service, while maintaining employee health. From remote work locations to member loan forbearance to boosting capitalization, we are very proud to work with many awesome credit unions.
And that is why we are making sure we continue working for you and your members. Know that we understand your challenges and will stand behind you and your credit union to serve members as we face the coronavirus pandemic together.