League’s Carrie Hunt Leads Effort in Support of Green-Lending Initiative for CUs

League President/CEO Carrie Hunt assisted in leading an effort today to help secure funding from the Environmental Protection Agency for green-lending initiatives at Virginia-based credit unions, as well as nationally.

A green-lending initiative supported by your League submitted an application in November in pursuit of funding through the Environmental Protection Agency’s Greenhouse Gas Reduction Fund (GGRF). Hunt presented at a meeting today before the EPA as part of the application process, outlining how credit unions could quickly deploy grant funds as community-focused, experienced and regulated lenders.

Hunt is serving on an advisory board for Ecority, an independent nonprofit seeking to secure for credit unions and Community Development Financial Institutions a share of funding from a $27 billion fund at EPA. Ecority is composed of credit unions and CDFIs in 43 states, including Virginia’s own Langley Federal Credit Union.

“Today’s presentation marked another important step for this initiative. I’m proud of how credit unions and industry partners came together through Ecority to seize this unique opportunity,” said Hunt. “I wanted to ensure the Virginia League took a leadership role in this initiative, knowing what we could accomplish if credit unions are able to leverage GGRF funds in serving members and our communities.”

Your League recently won support for the credit union-backed initiative from Rep. Jennifer McClellan (D-4^th), a member of the House Science, Space and Technology Committee, which has authority over key activities at the EPA and Department of Energy.

Green loans cover such a broad swath, but the following are examples of how credit unions might use the Ecority program for funding and technical assistance in offering members affordable financing:

• Electric vehicles and EV infrastructure;
• Home or business energy improvements such as replacement windows;
• Net-zero building construction (family, manufactured and multi-family homes, and commercial buildings);
• Solar panels; and
• Other technologies deemed to reduce greenhouse gases and other pollutants.

This is an exciting opportunity in a growing area of lending in which many of our credit unions are already active.

From Ecority

Media Contact:
Sharon Simpson
(240) 620-4095
sgsimpsonconsulting@me.com

Ecority Projects U.S. Credit Unions Could Deploy $107B in Clean Energy Financing

January 9, 2024 (SAN ANTONIO, TEXAS) — Ecority, a nonprofit that has built a national coalition of credit unions and state-chartered green banks, is projecting that U.S. credit unions could finance 5.3 million projects for a total of $107B in just six years by leveraging the industry’s existing branch network and digital channels along with potential grant funding.

Ecority’s coalition includes regional and state credit union leagues representing thousands of community lenders in every U.S. state and territory. Its grant application, which received the full endorsement of NAFCU and CUNA, included an aggregate of $14.87B from the National Clean Investment Fund and Clean Communities Investment Accelerator Fund of the Greenhouse Gas Reduction Fund.

The coalition is poised to catalyze the U.S. credit union sector to rapidly deploy clean energy projects at an unprecedented scale nationwide, with a focus on low-income and disadvantaged communities.

“Through industry collaboration, credit unions have an opportunity to become national leaders in green lending and include borrowers who may not otherwise qualify,” says Chuck Purvis, Interim CEO & Board Member of Ecority. “Ecority plans to use grant funding to create a loan guaranty fund, provide technical assistance and provide capitalization grants enabling credit unions to autonomously lend for more eligible projects at lower rates.”

Interested credit unions may express their interest in participating and potentially becoming subrecipients of grant funds by visiting ecority.org/register.

About Ecority

Ecority is an independent nonprofit established to specifically comply with the statutory requirements of the Greenhouse Gas Reduction Fund (GGRF). Its coalition includes credit unions, state and regional credit union leagues representing thousands of community lenders in every U.S. state and territory, and the nation’s largest state-chartered green banks, who will rapidly deploy clean energy projects at an unprecedented scale nationwide, with a focus on low-income and disadvantaged communities. Learn more at Ecority.org.