CMG Buys $2.5M In MBLs

CUNA Mutual Group has purchased $2.5 million in member business tax medallion loans from the League of Mutual Taxi Owners FCU, which it plans to add to its CU System Fund, an MBL-derived mutual fund that will be sold to credit unions. CUNA Mutual has already purchased about $20 million in MBLs for the fund, in which it plans to start selling shares to credit unions once it hits $25 million. The fund is one of several planned by the credit union insurer as a way to create a new secondary market for credit union assets and keeping those assets within the credit union movement.