Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Fryzel NCUA committed to corporate system improvements
ALEXANDRIA, Va. (6/23/09)--In statements released today on the National Credit Union Administration’s Web site, NCUA Chairman Michael Fryzel said that new rules governing corporate credit unions should “not only reflect the lessons learned from the current situation, but also enable NCUA, and the industry, to avoid future problems.” Speaking before the Florida CU League’s yearly convention late last week, Fryzel added that he is committed to ensuring that future corporate reforms would be “more effective at understanding and mitigating risk, while at the same time recognizing that corporates can play a useful and important role in facilitating credit union service to members.” “This rulemaking process will entail hard work, honest dialogue and difficult decisions,” Fryzel said. However, he is “confident” that the rulemaking process would result in a “better corporate network.” The NCUA recently addressed other issues in the corporate credit union system by approving the corporate credit union stabilization plan at its monthly board meeting, which was held last Thursday. During the meeting, the NCUA board agreed to immediately borrow $1 billion of the total $6 billion offered by the U.S. Treasury to shore up the corporate credit union system. The $1 billion in borrowed funds would be used to "secure the re-assignment" of the National Credit Union Share Insurance Fund's (NCUSIF) capital note at U.S. Central Federal Credit Union. This would result in a $1 billion increase to the NCUSIF's equity, the NCUA said. (See related story: New corp stabilization plan implemented by NCUA June 19.)


RSS





print
News Now LiveWire
#creditunions celebrate #EarthDay2015 by being green aware with e-statements, hosting shred events, planting trees
7 hours ago
From @WSJ: 33% of companies say it took them more than 1 yr to discover a data breach. http://t.co/a0MxV68X6t http://t.co/lkglx6WvKs
11 hours ago
.@CAMCouncil taps into @MICreditUnions' career, tech training resources http://t.co/sotnfCUgIo
12 hours ago
#Inflation ticks up in March, still relatively flat #NewsNow #Market http://t.co/PyAvwdkJ4M
12 hours ago
#NewsNow Ill. league groups elect board, exec officers http://t.co/KAG8MtbGsv
13 hours ago