MUSKEGO, Wis. – Corporate Central CU announced this afternoon it is now enabling its 400 members to settle their Federal Reserve discount window credit through their corporate account.
The deal, expected to be offered to other corporate credit unions, establishes the $2 billion corporate as the settlement point and enables established members to request advances from and make payments to the Fed through Corporate Central.
The offering comes as NCUA is moving towards a requirement that all credit unions have a backup source of liquidity, such as the Fed.
“The greatest benefit for our members is the convenience factor,” said Robert Fouch, president of the corporate. “Credit unions that have an established membership with Corporate Central Credit Union don’t need to establish a settlement relationship with the Fed.”