CU To Roll-Out Investment Sweep Product

- ANAHEIM, Calif. (07/03/02) -- EvangelicalChristian CU said Tuesday it will introduce a new 'sweep' productto its members which will allow members to authorize the creditunion's broker-dealer Federated Investors, Inc., to automaticallysweep excess balances into one of two mutual funds. The creditunion is currently petitioning the Securities and ExchangeCommission (SEC) for authority to perform the sweep itself withoutregistering as a broker-dealer, which would set new ground for allcredit unions. In the initial roll-out, EECU will allow offermembers two options through Federated, a Treasury Obligations Fundand a Prime Obligations Fund.