Credit Union Investment Program Successful
March 23, 2009, Alexandria, Va. – The National Credit Union Administration reports that due to the success of the three succeeding Credit Union System Investment Program (CU SIP) programs there will not be an April CU SIP offering. Over $8.2 billion was issued in the first three subscriptions. Corporate credit unions used the funds to pay down external borrowings, freeing collateral for future contingency liquidity needs.
The CU SIP program remains open and available for subsequent offerings should it be needed in the coming months.
The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, also operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 89 million account holders in all federal credit unions and the majority of state-chartered credit unions.
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