Catalyst Corporate and the National Credit Union Foundation (NCUF) are partnering to give credit unions a renewed and re-energized Community Investment Fund (CIF) option. The CIF supports financial education, professional development, community outreach, and disaster relief initiatives across the country.
“Not long ago, CIF was a significant funding source. But economic conditions over the last two to three years have yielded dwindling returns for the NCUF and state foundations,” said Kathy Garner, Catalyst Corporate President/CEO. “Catalyst was eager to re-visit the traditional CIF model, with the goal of creating a new option that benefits investors and helps sustain the national foundation. We believe we accomplished that goal.”
The new alliance allows member credit unions to choose products such as callable and bullet U.S. Government agency securities. Members can specify the percentage of interest income to be shared with NCUF, as well as the fund designation. Catalyst also offers investment products that return 50 percent of interest income to NCUF. Among the products is a Catalyst certificate of deposit (strictly a CIF investment product) that features maturity options of six months, 12 months or 18 months. Other investment products include a 90-day notice account.
“The Community Investment Fund truly is a simple way for credit unions to make a big impact,” said Bucky Sebastian, NCUF Executive Director. “With just one CIF investment, credit unions can help consumers achieve financial freedom through credit unions in their state and across the country.”
The new alliance is a result of the winding down of the traditional CIF model that was tied to U.S. Central, Garner said.
Learn more about the new CIF option at www.catalystcorp.org/cif.aspx or Catalyst members can contact their Catalyst investment officer at 800.405.7067.