Comment Detail
Date: 10/19/22 First Name: Kathleen Last Name: Kelso Email: kelsok@tinkerfcu.org Organization Type: other Organization: Tinker Federal Credit Union Comment
As a large credit union, we had approximately $1.3 billion flow in during all the COVID stimulus (COVID payments, additional unemployment benefits, increased child tax credits, etc.). We are now experiencing higher than normal levels of loan growth mixed with the runoff of excess deposits as members spend due to a combination of pent-up demand mixed with inflation. As a result, we found ourselves experiencing a liquidity shortfall. We have a large investment portfolio, but if we sell investments now, we would be in a loss situation. So, our obvious option is to borrow. If strong loan growth continues along with excess deposit runoff, we will be borrowing additional funds from FHLB over the next year.
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