ECIP funding determination announced; second round rescinded

Published by: Emily Leite

June 14, 2023 | Government Affairs

When the Fiscal Responsibility Act of 2023 was enacted on June 3, most of the predicted government funding and economic disruptions were averted, lessening further exacerbating the already daunting circumstances facing credit unions in deposit generation, pricing and funding, and liquidity management. While the Act was mostly positive for credit unions, it rescinded COVID relief-related funding, including any “unobligated” Emergency Capital Investment Program (ECIP) funds. Unfortunately, the U.S. Treasury recently announced it was compelled to rescind any second-found ECIP funding that was not awarded prior to June 3, which included pending applications. This means any credit union with a pending second-round ECIP funding application is unable to receive ECIP funding.

 

Please reach out if Treasury’s ECIP determination impacted your credit union. The League is exploring alternative options to help credit unions access funds needed to support local communities.

Contact Emily Leite for questions or assistance.

Emily Leite
Emily Leite Chief Advocacy Officer E: eleite@ohiocul.org
Contact Us

Other Movement News

Government Affairs

Credit union data protection efforts shared with Congress

Financial fraud is everywhere; account takeovers, elder scams, counterfeit checks, and stolen credit cards are just a few examples. The U.S. Senate Committee on Banking, Housing, and Urban Affairs held […]
Regulatory

League joins brief to protect commercial lending

While your credit union tries to remain focused on members, services, and the problems already on your plate, the League looks to prevent any new issues from showing up. That […]
Member Benefits

League welcomes new marketing coordinator

This month, the Ohio Credit Union League welcomed Morgan Hoy, marketing coordinator, to the team. Morgan brings diverse marketing and communications experience. Most recently, she managed her own freelance marketing […]