When is an IOU not an IOU?
That was the question on the mind of Mike Doland, executive vice president at ABNB FCU in Virginia, when he advised the credit union's vice president for finance, Anthony Duncan, to send a letter to the Central Liquidity Facility, the federally operated organization overseen by the NCUA that has about $1.7 billion on hand, all of it cash coming from credit unions.
"Please allow this letter to serve as a formal request to redeem ABNB capital stock from the Central Liquidity Facility," Duncan's letter said.
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