Credit unions can now invest in two-year certificates of deposit in the National Credit Union Foundation's Community Investment Fund with all principal and quarterly fixed-rate dividend payments throughout the entire term guaranteed by the NCUA.
Previously the NCUA had only authorized three- and five-year certificates.
"We commend NCUA for taking action to offer investors an attractive new option to earn federally guaranteed dividends while donating to credit union charities," said NCUF Deputy Director Steve Bosack. "Increasing deposits in the Community Investment Fund will provide critically needed programs and grants to more credit union members across America."
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Half of CIF dividends are donated to the NCUF. The NCUF dedicates half of those donations to national programs, including REAL Solutions, Credit Union Development Education, Innovation Grants, Biz Kid$, and CUAid.
The NCUF grants the other half of CIF donations to each investor's state credit union foundation or league. State credit union organizations use their CIF grants for a wide variety of charitable activities: financial education, training, credit union membership outreach, small credit union development, affordable housing, disaster relief, and much more.
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