The Community Investment Fund (CIF) is a unique, social investment opportunity. Every investment helps fund the New York Credit Union Foundation (NYCUF) and the National Credit Union Foundation's (NCUF) financial education initiatives across the country.
Here's how it works. Your credit union invests in a CIF account. Then your credit union will receive a portion of the CIF return, as well as the NYCUF and NCUF. Everyone wins - your investment makes an impact in your state and around the country.
In addition to a 90-day notice account through Alloya Corporate FCU, there are a few new CIF options available:
- CIF with MEMBERS Trust Company and
- CIF with National Cooperative Bank (NCB).
CIF with MEMBERS Trust Company offers the following:
- NCUF Federally Insured Account – An account using the Certificate of Deposit Account Registry Service Program (CDARS) that allows credit unions to invest in federally insured CD's and Depository Trust Company (DTC).
- NCUF Charitable Investment Trust – MEMBERS Trust Company, as trustee, shall manage the assets in a trust according to the Federal Credit Union Act Part 703 of NCUA Rules & Regulations and other applicable laws.
For more information and/or to invest in CIF with MEMBERS Trust Company, visit www.memberstrust.com/cif.
CIF with NCB is very similar to the traditional CIF but has some unique features. Contribution levels to NCUF and state credit union foundations can be 50%, 75%, and 100% of the interest earned on the account. Products offered currently in CIF with NCB include CDs with terms of 6-mo, 12-mo, 18-mo, 2-yr, 3-yr and a liquid Money Market Deposit Account (MMDA) – all at competitive rates of interest.
For more information and/or to invest in CIF with NCB, visit www.cifwithncb.coop.
If you have general CIF questions, please contact NCUF director of resource development & donor relations, Josie Collins at 800.356.9655, ext. 4397 or jcollins@ncuf.coop.
