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Hyland vows to look at corporate plan alternatives
WASHINGTON (2/25/09) — National Credit Union Administration (NCUA) board member Gigi Hyland urged credit unions to comment on her agency’s Advanced Notice of Proposed Rulemaking (ANPR), which addresses a reform of the corporate credit union system. Hyland, addressing a packed house during the Credit Union National Association’s (CUNA’s) Governmental Affairs Conference (GAC) here, said it is vital for credit unions to take a role in defining the future of the corporate credit union system. She assured the audience of more than 4,200 credit union representatives that she reads each comment letter addressed to the agency before she votes on a regulatory issue. The deadline for comment is April 6. “Tell us (the NCUA) how you use the corporate credit unions. Do you use them? How do they fit into your strategic plan,” said Hyland. Hyland also told the GAC attendees that she understands how difficult it is for a credit union to face members and explain why the credit union has to pay for problems in another part of the credit union system, referring to liquidity problems in the corporate credit union system. In January, the NCUA announced a plan to stabilize the corporate credit unions. To date, the agency intends to fund the program through a share insurance premium assessed against natural-person credit unions, a plan that CUNA believes imposes too great a burden on credit unions. Hyland, and earlier in the morning NCUA Chairman Michael Fryzel (see related story: Fryzel asks CUs for help in assisting corporate network), expressed willingness to consider alternative plans. “I will devote my energy to reviewing every viable option,” Hyland vowed. She also pledged transparency in NCUA decisions, “so you are as informed as possible” about agency actions. The NCUA board member reminded her credit union audience that it is the cooperative spirit behind the cooperative system—the synergies in the system—that have made credit unions “ the success that they are” and gotten the movement through other tough economic times. CUNA has issued a comment call urging credit unions to share their ideas about restructuring the corporate system. Use the resource links below to read the NCUA ANPR and the CUNA request for comment.
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