The Libor price-fixing scandal, in which the London-based bank and financial services company Barclays manipulated Libor submissions to give a healthier picture of the bank's credit quality in 2007 and 2008, has had little material effect on credit unions, according to industry experts. However, corporates that owned Libor-indexed assets during the liquidity crisis of 2008 were underpaid on their investments.

Andrew McGeorge, vice president of finance for the $2 billion Service Credit Union of Portsmouth, N.H., worked for Barclays Capital in New York as an associate director early in his career and later as a senior portfolio strategist at the Kansas City-based CNBS.

Back in 2008, the scandal "likely cost credit unions some money" if they owned Libor-indexed assets, McGeorge said, because they were underpaid because Libor was set artificially low.