Corporate One FCU, the New Jersey Credit Union Foundation and the National Credit Union Foundation have announced that New Jersey credit unions now can fund Community Investment Fund development programs through a Corporate One offering.
Credit unions that choose to do this are not required to be Corporate One members.
Traditionally, the bulk of CIF funding has proceeded through U.S. Central but that conserved corporate is edging toward extinction.
"Community Investment Fund support helps the New Jersey Credit Union Foundation continue programs like the popular Financial Reality Fairs and BEST Internship Program. This new investment option provides [credit unions] with added flexibility to help support our initiatives and the initiatives of the National Foundation," said NJCUF Treasurer and New Jersey Credit Union League CEO Paul Gentile.
In a statement, Lee Butke, CEO of Columbus, Ohio-based Corporate One said, "Providing New Jersey credit unions with an offering that provides a convenient way for them to give back to their state and national foundations, coupled with our free safekeeping program, which helps increase the size of each credit union's donation, is simply the right thing to do. There are times when we can all use a little extra help, and we're extremely proud to assist credit unions lend a hand to those in need, both in New Jersey and the rest of the nation, through support of the CIF."
"The Community Investment Fund truly is a simple way to make a big impact," said Bucky Sebastian, NCUF executive director. "With just one CIF investment, New Jersey credit unions can help consumers achieve financial freedom through credit unions in New Jersey and across the country."
The NCUF presently is talking with leagues in still more states about expanding CIF options, said Christopher Morris, director of communications at the NCUF in Madison, Wis. He also indicated that other corporates also are looking at offering something similar to what Corporate One is offering.
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