Dallas, Texas – ALM First, a strategic partner for more than 450 financial institutions nationwide, has closed the first loan fund ever approved under the NCUA’s Investment Pilot Program; a milestone for the credit union industry. The ALM First Loan Fund I pooled $210 million from five credit unions to invest in consumer auto loans.
“The ALM First Loan Fund gave us something we’ve never had before: an opportunity to diversify our balance sheet in a way that wasn’t available before. For a credit union our size, that access is a game-changer,” says Michael Hoang, Capital Markets Director, Kinecta Federal Credit Union.
The benefits of this first-of-its-kind structure include shared underwriting and operating expenses to improve scalability, transparent loan pricing for both buyers and sellers, enhanced liquidity options for sellers, an efficient excess cash investment mechanism for investors at market rates, and a clear fee structure.
“For years, credit unions have faced limited access to quality loan originators, inconsistent pricing, and steep operational barriers; with sellers just as often struggling to find dependable buyers. The ALM First Loan Fund was built to fix that,” said Travis Goodman, CFA and Principal, ALM First.
Fund II Now Open: Home Equity Focus
The ALM First Loan Fund II is now open, focused on home equity loans; reaching similar borrower profiles as unsecured credit, but with recorded home equity behind every loan.
“With homeowner equity near record highs, home equity loans offer some of the most attractive risk-adjusted yields available to credit unions right now. Fund II gives our investors access to this asset class with the same transparent, efficient structure that made Fund I successful, but with the added security of collateralized loans,” said Goodman.
Participation in Fund II is limited to 30 federal credit unions nationwide.Interested institutions should contact ALM First promptly to discuss eligibility.
The ALM First Loan Fund Investment Pilot Program, which the firm received NCUA approvalfor prior to its April 2026 launch, invests in consumer loans with maturities under 10 years along with overnight investments. Participating institutions are limited to a 50% net worth investment cap.
Contact info@almfirst.com to learn more about ALM First Loan Fund II and whether your credit union qualifies to participate.
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About ALM First
ALM First was founded in 1995 as a strategic partner for depositories, offering an array of financial advisory services. The firm’s expertise in asset liability management, investment management, balance sheet strategy, secondary market solutions, and specialty financial services, has allowed it to deliver deeper insights into financial institutions’ balance sheets, strengthening their performance and building efficiencies. With over $80 billion of investments under management (as of August 31, 2026), ALM First Financial Advisors is an SEC-registered investment advisor, acting as an unbiased third party, offering commission-free, fee-based services to over 450 financial institutions across the country.
In recent years, ALM First Group has expanded to include several wholly-owned subsidiaries including DDJ Myers, an ALM First Company and ALM First Executive Benefits, LLC. Driven by client needs, the firm now offers various services to help financial institutions optimize their greatest assets – their people.
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