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Development

Community Investment Fund (CIF)

 

The Community Investment Fund (CIF) is a major funding source for the National Credit Union Foundation and state foundations, including The Wisconsin Credit Union Foundation, providing almost two-thirds of the funding that supports grant-making and critical programs that benefit credit unions, their members and the communities they serve.

 

The National Credit Union Administration (NCUA) is making it easier for credit unions to invest by extending its CIF guarantee program. With this extension, new investments with maturities of two years or less in participating corporate credit unions made before Dec. 31, 2010, will be fully covered by the guarantee program through Dec. 31, 2012. This guarantee will be in addition to the existing deposits already covered. 

 

Credit unions can also access a new investment option - a 2-year certificate of deposit (CD) investment through the National Cooperative Bank (NCB). Credit unions opening a CIF deposit account at NCB can designate 50%, 75% or even 100% of the interest income earned on the account to be automatically donated to NCUF in support of national and state-level community development programs. Also, while NCB is a cooperatively owned financial institution, there is no requirement for credit unions to purchase stock in NCB.

 

In addition to the new 2-yr CD option, products offered currently in CIF with NCB include CDs with terms of 6-mo, 12-mo, 18-mo, 3-yr, and a liquid Money Market Deposit Account (MMDA) – all at competitive rates of interest.

 

Credit unions interested in the latest rates or CIF investment options can contact a corporate credit union or NCUF’s Resource Development & Donor Relations Director Josie Collins at (800) 356-9655, Ext. 4397.


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