US credit union regulator supports corporate credit unions

The US credit union regulator National Credit Union Administration has launched a Corporate Stabilization Program to provide liquidity and capital support to US corporate credit unions. Corporate credit unions provide wholesale services to member credit unions.

The program includes the issue of a $1 billion capital note to U.S. Central Corporate Federal Credit Union (details here).

The program is outside of the bank assistance Treasury funded package.

Bloomberg report.

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