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CU System
Texas league addresses Southwest Corp. transition roles
FARMERS BRANCH, Texas (10/11/10)--Texas Credit Union League President/CEO Dick Ensweiler hosted a statewide call Thursday for credit unions to address options for moving forward in light of the conservatorship of Texas-based Southwest Corporate FCU. The key to moving forward stems largely from what the interests are of credit unions themselves, Ensweiler told a record number of CEOs attending (LoneStar Leaguer Oct. 8). Those interests will be gauged by an advisory council being formed by the Southwest Bridge Corporate. Although the bridge corporation itself cannot be recapitalized, the council will consider four options: a new charter, a credit union service organization, a merger with an existing corporate, or shuttering the corporate. Ensweiler discussed a timeline to allow credit unions to fully review their choices and noted some choices will not be fully realized until the eventual disposition of Southwest Corporate is completed. For now, the safest action for members is to keep their funds in the corporate during the transition, he said, noting that the National Credit Union Administration has advised waiting until March 2011 to allow for securitization of legacy assets. The league has requested a place on the council, which will meet to determine what option credit unions want. It also is working with other leagues to develop a consultative service to fully analyze the options available, specifically in payment systems. Ensweiler said the league will continue to be an advocate with the bridge corporate for credit unions and will remain open to options supported by the movement for the future of payment systems. "At the end of the day, we must avoid being fragmented," he told the group. "Credit unions, which are undoubtedly getting pressure from boards to make a decision, are best served by keeping their powder dry and not miss(ing) options designed to serve their needs."
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