WASHINGTON — In the face of the current economic downturn and uncertainty regarding corporate credit unions, credit unions are still investing in the National Credit Union Foundation, according to its Executive Director Steve Delfin.
Delfin reported that the Foundation has a record number of credit unions and corporate credit unions invested in the fund's Community Investment Fund and that there have been only a "handful" of credit unions which have withdrawn or lowered their investments citing "liquidity issues."
"The feedback we have received from credit unions is that many regard their investment in the CIF as almost like a an investment in a 401K plan," Delfin said. "That is the analogy they use. They say 'we would have to be terribly dire circumstances before we touch that money,'" he added.
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Credit unions invest money in the CIF in short or longer term CDs. The Foundation then splits the interest earned on the investments with the credit unions and with the state credit union foundations.
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