Tom Candell, interim executive director of the National Credit Union Foundation said the foundation's new investment relationship is not meant to compete with corporate credit union but to expand the number of investment opportunities for CUs.
The NCUF has announced that credit unions will be able to invest in its Community Investment Fund either through corporate credit unions or through a new relationship with the National Cooperative Bank, a subsidiary of the National Consumer Cooperative Bank.
Candell said the NCUF had been studying making such a move in order to help broaden the CIF's investment appeal for some time but that there was no connection between the corporate credit unions current financial impasse.
But in its press release announcing the new initiative, NCUF noted that one reason its investment income had dropped off was because some CUs "do not want to invest in corporate credit unions."
