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Potential Federal Government Shutdown and Liquidity/Line of Credit Needs

4/8/11--As you may have heard in the national media, government discussions regarding the national budget have been punctuated by a potential temporary shutdown of the federal government. While we at Corporate One have no special insight into these discussions, we do know from past federal government shutdowns that members of our credit union members may be adversely affected. Members who work for, or receive benefits from the federal government may experience work furloughs, non-payment for employment services or delays in social security payments. And these members may look to their credit union for assistance.

Corporate One is prepared to assist its credit union members and their members should the nation experience another federal government shutdown. We currently have more than $1 billion in cash and more than $900 million in other forms of liquidity. And, as a service to all capitalized Partner members, we offer lines of credit and we want to assure you we stand ready should you need us.

Ensuring access to liquidity is a basic tenet of a credit union’s risk management preparedness. If you have questions or concerns about your credit union’s line of credit with us, feel free to contact Denise Brown, Corporate One’s AVP and Controller at 866/692-6771, ext. 9367 or at dbrown@corporateone.coop.