CUs Used Federal Reserve's Emergency Loan Facilities

The Federal Reserve released data on Wednesday showing that several corporate and natural person credit unions accessed its emergency loan facilities during the financial crisis.

Three credit unions used the Federal Reserve's Term Auction Facility -- U.S. Central (Lenexa, KS), Marine CU (Fond Du Lac, WI), and Service CU (Portsmouth, NH).

U.S. Central FCU between July 14, 2008 and September 11, 2008 accessed the Federal Reserve's Term Aucttion Facility (TAF) 5 times. The amounts borrowed ranged from $500 million to $5 billion. Each borrowing from the TAF had a duration of 28 days.

Marine CU borrowed from the TAF five times. The first borrowing was October 22, 2009 for $10 million. The subsequent four borrowings from the TAF were for $28.3 million with the last borrowing occuring on March 11, 2010 for 28 days.

Service CU borrowed 6 times from the TAF. Each borrowing was $12 million. The first borrowing was February 12, 2009. The last loan was originated on November 5, 2009. Durations of loans varied between 28 days and 84 days.

In addition, two corporate credit unions -- Members United Corporate FCU and Wisconsin Corporate CU -- used the Federal Reserve's Commercial Paper Funding Facility. The Federal Reserve purchased $268 million in commercial paper from Members United on October 27,2008 and $98.3 million in commercial paper from Wisconsin Corporate CU on October 28, 2008.