Financial Partners Credit Union Named Recipient In U.S. Treasury’s Emergency Capital Investment Program
DOWNEY, Calif.--(BUSINESS WIRE)--Sep 22, 2022--
Financial Partners Credit Union, serving more than 86,000 members in California, has been named an approved participant in the U.S. Department of Treasury’s Emergency Capital Investment Program (ECIP). Financial Partners received an ECIP investment of $35 million, which will enable the Credit Union to increase lending and expand opportunities to provide positive financial impact within low-income and financially underserved communities in California, specifically those which have been disproportionately impacted by the COVID-19 pandemic.
The U.S. Treasury announced earlier today that it has awarded institutions in California over $671 million in ECIP investment funds. The investments made by the Treasury are expected to be used for a range of community investments, including loans to low-income and minority borrowers and underserved small businesses, the development and preservation of affordable housing, and investments in community development projects.
“These essential funds provide opportunity to underserved communities across the country, helping them to regain their footing following the pandemic and strengthening their resilience against future shocks,” said Secretary of the Treasury Janet L. Yellen. “Today’s announcement is a significant step toward expanding access to the capital and services to rebuild and fuel long-term economic growth.”
Financial Partners remained fully open and 100% operational during the COVID-19 pandemic while supporting communities with PPP loans to businesses, saving a significant number of jobs. They also assisted members in need with $160 million in deferred payments and mortgage forbearances.
“Financial Partners is committed to supporting financially underserved communities so they can not only recover from losses suffered during COVID-19, but so they can thrive and grow well beyond this extraordinary period,” said Nader Moghaddam, President and CEO of Financial Partners. “Through this investment, we will be able to make a significant impact in the lives of many who are typically overlooked by the banking industry.”
About Financial Partners Credit Union
Celebrating its 85th year, Financial Partners Credit Union is dedicated to helping Californians bank smarter and build better financial futures. With over $2.1 billion in assets and branches from San Francisco to San Diego, membership is open to everyone who lives, works, or goes to school in Los Angeles, Orange, Riverside, or San Diego Counties; in addition to the City of South San Francisco and Alameda, California. Visit FPCU.org or call 844.TRY.FPCU for details.
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CONTACT: Lolita Carrico
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PUBLIC POLICY/GOVERNMENT BANKING WHITE HOUSE/FEDERAL GOVERNMENT PROFESSIONAL SERVICES
SOURCE: Financial Partners Credit Union
Copyright Business Wire 2022.
PUB: 09/22/2022 02:15 PM/DISC: 09/22/2022 02:17 PM