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News Now

Washington
Cheney NCUA corp. CU deadline extension was needed
WASHINGTON (11/16/10)--Credit Union National Association President/CEO Bill Cheney on Monday said that the National Credit Union Administration’s decision to extend the previous December 31 corporate credit union business plan deadline until March 31 “will allow some breathing room for corporates and the movement to consider broader solutions that will ensure all (credit unions) have ready and efficient access to the services they depend upon." The NCUA confirmed the decision to CUNA yesterday. While it is “important” that credit unions have a deadline in place to “encourage progress,” Cheney noted that the need for a limited deadline extension was widely expressed during CUNA's recently completed Corporate Credit Union Issues Summit, which took place on Saturday in Chicago, Ill. CUNA immediately raised these concerns with top officials at NCUA, and Cheney said that he was “pleased NCUA has responded to CUNA and others so quickly." Several summit participants told CUNA staff that the deadline extension is a positive development that will be helpful as corporate and natural person credit unions consider their options. The corporate credit union business plans are expected to detail the individual corporate credit union’s future plans for operations, focusing on capitalization and the services that they plan to offer to natural person credit unions.


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