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NCUF reorganizes for new role

WASHINGTON - The National Credit Union Foundation has announced a reorganization to accommodate its changing role within the credit union movement, according to NCUF leaders. "The change is in recognition of the Foundation's new dual role, part "traditional foundation, part national financial intermediary," said NCUF Chairman, John Fiore. As a...

By Staff Writer | Updated on November 05, 2002

WASHINGTON – The National Credit Union Foundation has announced a reorganization to accommodate its changing role within the credit union movement, according to NCUF leaders. “The change is in recognition of the Foundation’s new dual role, part “traditional foundation, part national financial intermediary,” said NCUF Chairman, John Fiore. As a national financial intermediary for credit unions, NCUF has already received a $1.4 million grant from the Treasury Department for credit union First Account programs in nine states. Similar requests are currently pending and more will be made in the future, the Foundation said. In addition, the Foundation recently received pledges of over $100 million in deposits to a fund set up to honor retiring credit union leader Ed Callahan. The donations triple the size of the Foundation’s Community Investment Fund, its primary funding vehicle. “We opened the door on federal funding earlier this year. Now that the door is open, we intend to keep it that way,” said Gary Officer, NCUF’s executive director. “There’s an enormous pool of government and other non-credit union funds that we, as an industry, do not take advantage of – funds that are literally there for the asking,” Officer said. “Securing those funds is a natural role for the Foundation, and we believe it will provide significant value to the credit union system.”

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