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Comments in legacy assets loom behind discussions
WASHINGTON (3/22/10)--While the National Credit Union Administration (NCUA) has received and is currently reviewing comment letters related to its proposed changes to the corporate credit union system, the issue of legacy assets remains unresolved. The NCUA estimated that there were $64 billion in total legacy assets as of early 2009. The Credit Union National Association (CUNA), in a recently published response to the NCUA’s corporate plan, said that proposed corporate credit union reforms would not succeed unless the NCUA also dealt with this issue. Among the many questions that CUNA has for the NCUA regarding this issue are whether the legacy assets will be “held and managed to the point of minimum loss, or sold as soon as the unrealized losses fall to the value” of the NCUA’s stabilization fund. CUNA also has asked whether the NCUA’s approach will require additional borrowing from the U.S. Treasury. NCUA Board Member Gigi Hyland, speaking at CUNA's Governmental Affairs Conference last month, said that the NCUA is working to address the legacy asset issue. CUNA is also forming its own working group to address these issues, and the makeup of that group will be announced in the near future.


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