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VolCorp and FAA FCU Break in SimpliCD Program in Tennessee

NASHVILLE - VolCorp has made its first deal with one of its members for SimipliCD, the popular brokered certificate program now run by a 100% corporate owned CUSO, Primary Financial. FAA Federal Credit Union was the corporate's first SimpliCD issuer. The CU noted that the deal helped it free up...

By Staff Writer | Updated on June 08, 2004

NASHVILLE – VolCorp has made its first deal with one of its members for SimipliCD, the popular brokered certificate program now run by a 100% corporate owned CUSO, Primary Financial. FAA Federal Credit Union was the corporate’s first SimpliCD issuer. The CU noted that the deal helped it free up liquidity in a matter of hours. SimpliCD allows credit unions to issue federally insured CD’s through SimpliCD, making their deposit offerings available to a larger pool of potential investors. “For liquidity purposes, it’s nice to have another option available to us. And, for the program to work so well and in such a short period of time was just amazing,” said Stan Fraser, President, FAA Federal FCU.Currently there is approximately $3.5 billion in outstandings in the SimpliCD program. While all corporates are owners in PrimaryFinancial, not all have started offering SimpliCD.

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