WASHINGTON — The Association of Corporate Credit Union has written to ask the NCUA to continue a waiver that allows corporate credit unions to pass more funds on to the National Credit Union Foundation's Community Investment Fund.
Normally, the funds that the corporate CUs earn on CIF investments that their member credit unions make are calculated as part of the corporate CU's reserve ratio. But ACCU has asked for a waiver of that rule for federally chartered corporate CUs when it comes to CIF investments so that more of the proceeds can go to support CIF programs.
The NCUA has granted the waiver twice before, in May 1999 and September 2004.
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"Extension of this waiver is merited because of the CIF's success," Michael Canning, ACCU executive director wrote in the Sept. 11 letter. "Over $330 million has been invested to date. In 2005 alone, the National Foundation received proceeds of just under $4.5 million and disbursed almost $2.2 million to forty-three state credit union leagues/foundations representing forty-six states."
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