WASHINGTON – Two new NCUA initiatives have turned up $5 billion from participating natural person credit unions, the agency reported.
The Central Lending Facility's Credit Union Homeowners Affordability Relief Program (CU HARP), which attempts to help credit unions rework member mortgages, has only signed up $164 million worth of takers. However, the CLF's Credit Union System Investment Program (CU SIP), in which natural person credit unions basically lease their excess liquidity to the corporate system, has racked up an impressive $4.9 billion in advances.
Corporate credit unions will use the funds to pay down borrowings external to the credit union system, freeing collateral for future contingency liquidity needs.
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