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
Hyland NCUA intends comprehensive solution to corp. issues
ALEXANDRIA, Va. (10/26/10)--The National Credit Union Administration’s (NCUA) corporate credit union resolution plan “represent(s) a comprehensive solution to the problems afflicting corporates” that puts consumers first and ensures that taxpayers will not have to pick up the tab, NCUA board member Gigi Hyland said on Monday. Speaking at the American Institute of Certified Public Accountants “Conference on Credit Unions,” Hyland said that “credit unions are paying the bill” as they work to resolve the credit union system’s “most significant financial and structural challenge.” The recent corporate troubles, started by a “perfect storm of over-concentration in private-label, mortgage-backed securities held by several large corporate credit unions,” will be partly resolved by the NCUA’s recent conservation of failed and troubled corporate credit unions, Hyland said. The NCUA “had to eliminate the threat of a liquidity event and provide a stable future for the system. Now credit unions can make a strategic business decision about how to get the services they need and what works for their credit union,” Hyland added. While credit unions do not have to make these business decisions immediately, Hyland said that credit unions “need to be engaged to begin thinking about the future and working on a transition strategy.” “Credit unions have options,” Hyland added. For the full NCUA release, use the resource link.
Other Resources

RSS





print
News Now LiveWire
CU Effect: @StLouisComm collaborates to save homes with FHLB grant #NewsNow http://t.co/fxX8EhouUj
4 hours ago
#NewsNow March 31 deadline for Biz Kid$ fin. ed grant application http://t.co/5AD5ZYPLEU
6 hours ago
.@CUNA sends letters on @RepAndyBarr QM bill, @RepMickMulvaney @NCUA budget transparency bill #NewsNow http://t.co/cRAk46ALeD
7 hours ago
The U.S. Court of Appeals restored NCUA lawsuit v. Barclays Capital that charged misrepresenting quality of $550M IN RMBS. See News Now Wed.
21 hours ago
Registration is now open for the online livestreaming of @TheNCUA March 19 open board meeting. http://t.co/yOuqdXHlxj
1 day ago