Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CU SIP investments excluded from fidelity bond calculations
ALEXANDRIA, Va. (5/22/09)—Credit unions may now exclude from their total assets, for purposes of calculating minimum fidelity bond coverage, any outstanding investments in the Credit Union System Investment Program (CU SIP). Under CU SIP, the NCUA's Central Liquidity Facility (CLF) makes a secured, one-year advance to the natural person credit union. The credit union must concurrently invest the amount of the advance in a fixed-rate, matched-term, guaranteed note that is issued by the participating corporate credit unions. Corporate credit unions use the funds to retire borrowings from outside the credit union system. The NCUA has been working to remove impediments to participation in the program. By approving an “order to exclude” at its open board meeting Thursday, the NCUA board changed part of rule 12 C.F.R. §713.5, which set the requirement for minimum fidelity bond coverage. The waiver specifically states that all other provisions of the regulation “shall remain in effect and unchanged.” Use the resource link below to read the board action memorandum.
Other Resources

RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
1 Day ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
1 Day ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
1 Day ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
1 Day ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
1 Day ago