Volunteer Corporate Credit Union (VolCorp) has partnered with the National Credit Union Foundation (NCUF) to give member credit unions the ability to continue investing in the Community Investment Fund (CIF). The CIF investment option will now be available through VolCorp for all PCC members. Investing in CIF allows members to support the state’s League initiatives for helping credit unions as well as supporting the National Foundation.
What is CIF?
The CIF supports financial education, professional development, community outreach, and disaster relief initiatives on the local, statewide, and national levels.
Visit the NCUF Website
for more information.
How Does CIF Work?
This new partnership allows member credit unions to choose certificates of deposit, Notice 90 account and callable and bullet U.S. Government agency securities. Members can specify the percentage (50% or 100%) of interest income to be shared with the NCUF’s Community Investment Fund (CIF).
The National Credit Union Foundation’s Community Investment Fund gives credit unions the ability to leverage their investments to support innovative credit union programs. Credit unions invest in a Community Investment Fund account with VolCorp. Then every quarter, a share of the CIF interest is returned to investing credit unions. Another share of the CIF interest is donated to the NCUF. NCUF grants half of its NCUF interest to each investing credit union’s state foundation or league for their development programs. NCUF uses the remaining portion of the CIF interest to support its national programs including:
- REAL Solutions® - empowering credit unions to offer new services that are proving effective in serving consumers who are struggling to save or build assets;
- Biz Kid$ - an Emmy award winning national financial literacy initiative that teaches kids about money and business;
- Credit Union Development Education - promoting cooperative principles and credit union philosophy to make a positive impact in communities around the world;
- Financial Education Grants - encouraging credit union innovations that can be replicated by credit unions nationwide to serve emerging markets;
- CUAid.coop - supporting the nationwide disaster relief system to raise donations to provide relief to credit union employees and members.
To learn more about the new CIF option, please contact Investments at (800) 470-3444 or (615) 232-7900 extension 2.