X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MADISON, Wis.-In response to continuing drops in interest rates, the National Credit Union Foundation (NCUF) has revised the distribution formula for the Community Investment Fund (CIF). The continued drop makes it so credit unions’ charitable intent by participating in CIF was not recognized under the old formula. Under changes adopted by the NCUF Board: * A new 90-day account created that will be a 50/50 split between the investor and NCUF. * A new 5-year fixed-rate CD created to offer higher returns for the investor and for NCUF. * The distribution formula on all new fixed-rate CDs will be the first 2% to the investor, the second 2% to NCUF, with any additional funds in a rate environment exceeding 4% going to the investor. U.S. Central has agreed to waive all requirements/penalties/fees for credit unions moving funds from the current 90-day account into any of the other, more attractive options.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.