MANCHESTER, N.H.–Members First Credit Union here said it will donate to charity any funds it receives in 2018 from reimbursements from NCUA’s Temporary Corporate Credit Union Stabilization Fund.
And it is encouraging other credit unions to do the same.
The agency has said it anticipates returning between $600-$800 billion to credit unions next year after the board voted to merge the TCCUSF into the National Credit Union Share Insurance Fund. The amounts to be returned to individual credit unions have not yet been announced/
Members First said it will donate its returned funds to charities that will include non-profit organizations on the front lines helping at-risk youth, people struggling with homelessness and hunger, and organizations working to address the opioid crisis within the Greater Manchester, N.H. community.
“Receiving this refund is like winning the lottery – we didn’t expect it,” said Bruce Leighton, president and CEO, in a statement. “We feel that the best course of action is to use the funds to deal with issues happening right outside our very own doors. Everyone, including our members, will stand to benefit from this.”
“We don’t know how much money to anticipate from the NCUA, but we do know that our contribution – whatever the amount – will have an even greater impact if others join us in this effort,” added Leighton.