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News Now

Washington
Corporate restructuring plan unveiled soon by CUNA
WASHINGTON (3/9/09)--The Credit Union National Association (CUNA) Corporate CU Task Force plans to complete development of its statement on the future of corporate credit unions by mid-March. At its meeting last week, the task force focused on the role of the corporates and discussed the need for changes in the corporate credit union system in the areas of permissible services, capital, and corporate governance, among other issues. The discussion will form the basis of CUNA's comment letter to the National Credit Union Administration (NCUA) on its Advance Notice of Proposed Rulemaking on the corporate credit unions. Comments are due to NCUA April 6. The CUNA task force also received an update on CUNA's work to pursue alternatives to the funding of NCUA's Corporate Stabilization Program that will lessen credit unions' insurance costs associated with the program. During its discussions, the task force stressed that any such alternatives cannot eliminate the need for credit unions to incur some insurance costs to fund the Corporate Stabilization Program. However, it was resolved that CUNA should continue its efforts to encourage NCUA to develop alternatives as soon as possible that will mitigate credit unions' costs.


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