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CU emails to agency grassroots at work says Hyland
ALEXANDRIA, Va. (3/30/09)—Credit union response to a Credit Unions National Association (CUNA) call to action on the on the need to spread out share insurance fund replenishment was “credit union grassroots at work,” said National Credit Union Administration (NCUA) board member Gigi Hyland Friday. CUNA specifically urged credit unions to contact the agency about the need to spread the costs of the NCUA’s corporate stabilization efforts over a longer period of time and to request enhanced transparency on information underlying the board’s corporate stabilization efforts. CUNA launched the action alert in advance of a special closed NCUA meeting Thursday morning scheduled to discuss possible actions to mitigate the costs to natural person credit unions of the agency's actions to stabilize the corporate credit union system. After the meeting, the NCUA announced a legislative proposal, which if enacted by Congress would create the Corporate Stabilization Fund. Through the fund, the costs of premiums and assessments could be spread over a period of up to 7 years. In her release, Hyland also pledged to continue reviewing other available alternatives to further mitigate the cost to credit unions. “These are difficult and challenging times for credit unions. While the agency must take appropriate supervisory action to assure the National Credit Union Share Insurance Fund is protected, we must also explore alternatives that alleviate the impact on credit unions,” she said.


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