Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
11 hours ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
11 hours ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
12 hours ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
12 hours ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
15 hours ago