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State program to invest in Michigan FIs including CUs
LANSING, Mich. (12/11/08)--Michigan Gov. Jennifer Granholm announced a new program that would invest state money in Michigan financial institutions--including credit unions—for lending to businesses and consumers. The Michigan CD Stimulus Program aims to help stimulate lending to consumers and businesses, said the Michigan Credit Union League (Michigan Monitor Dec. 10). The program involves the state buying certificates of deposits (CDs) of six or 12 months in duration and purchased at below-market rates, with a minimum offer of $100,000 and a maximum of $10 million per institution. The goal is to loan up to 80% of the funds deposited with participating credit unions and banks to Michigan businesses and consumers. The funds will be available until Feb. 6. The Michigan Department of Treasury, Bureau of Investments, posted final guidelines for the program last week.


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