MIDDLETOWN, Pa. — CU BizSource has certified three more credit unions for participation in the Credit Union System Fund.
|The fund allows CUs to invest in shares of a series of funds holding a portfolio of CU-originated member business loan participations and other permissible investments for liquidity purposes. CUNA Mutual Group, which currently manages the fund, provided the seed capital to open the fund in 2005. It currently has a balance just over $50 million, made up of more than 80 loans purchased from certified credit unions. The $130 million Dow Louisiana Federal Credit Union in Plaquemine, La., $602 million Harborstone Credit Union in Tacoma, Wash., and $112 million Community Credit Union in LaCrosse, Wis. are the latest to complete the certification process. Certification will allow the CUs to sell loan participations to the fund and place loans for sale in a national participation network to be launched by CU BizSource this year, the company said.
|CU BizSource is a national business CUSO owned by CUNA Mutual's MEMBERS Development Co.
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