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
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
8 hours ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
8 hours ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
9 hours ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
10 hours ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
12 hours ago