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N.Y. CUs address corporate stabilization plan
ALBANY, N.Y. (3/16/09)--More than 45 New York credit union representatives attended a special Manager/CEO Roundable Thursday to discuss the National Credit Union Administration's (NCUA) Corporate Stabilization Program and its impact.
National Credit Union Administration (NCUA) Region I Associate Director Anthony LaCreta updated the New York Manager/CEO Roundtable on NCUA's Corporate Stabilization Program Thursday.
The event was hosted and organized by the Credit Union Association of New York in Albany for credit unions with assets up to $50 million. Victor Vrigen, senior vice president of Members United Corporate FCU, shared information about the current corporate atmosphere, and Anthony LaCreta, NCUA Region I associate regional director of operations, provided an overview and update on the program. The group analyzed corporate credit union system alternatives in an effort to build a consensus for comments for NCUA's Advance Notice of Proposed Rulemaking (ANPR) on the plan. "Small to mid-size credit unions will be uniquely impacted by this program," said association President/CEO William J. Mellin. "Which is why this type of forum was an ideal medium through which they could discuss credit union issues in relation to the current financial crisis in conjunction with how we, as their association, can assist them."
A focused group gathered at the Credit Union Association of New York's headquarters Thursday to discuss the National Credit Union Administration's Corporate Stabilization Program. (Photos provided by the Credit Union Association of New York)
Association management staff provided information on related initiatives, Web resources, the ANPR, ANPR survey results, and a legislative briefing on the program. "Getting together with like-size credit unions in a venue like today's gives us the opportunity to talk, ask questions and reinforce our message so that we speak with one voice when commenting collectively and independently" on the program, said Barry Stilwell, CEO, Canandaigua (N.Y.) FCU. The Credit Union National Association (CUNA) and CUNA's Corporate Credit Union Task Force are working to lessen credit unions' insurance costs associated with the program and are continuing efforts to encourage NCUA to adopt one or more alternatives to the funding to mitigate the stabilization program's costs to credit unions.

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