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Washington
Legacy asset plan covered in NCUA DVD
ALEXANDRIA, Va. (9/29/10)—The coming resolution of the corporate credit union legacy asset situation is covered in the most recent National Credit Union Administration (NCUA) corporate video presentation. The video presentation “provides the plan developed to resolve the legacy assets held by the largest corporate credit unions,” the NCUA said. The legacy asset plan "involves isolating the legacy assets to prevent the need to sell them at severely distressed prices; securitizing them and giving them a U.S. government guarantee; and then selling them to investors on the open market," the NCUA said in a release. The video presentation is the fourth and final presentation in the series. Previous video presentations addressed the history and services of the corporates, corporate credit union investments and issues associated with those investments, and the NCUA’s efforts to deal with the problems caused by those investments, respectively. The NCUA said that the four video presentations “were produced to provide credit unions a thorough understanding of the background and prevailing situation concerning the nation’s corporate credit union system.” The NCUA late last week issued a final rule on the corporate credit union system and introduced its comprehensive plan for dealing with the legacy assets held by the corporates. (See related stories: NCUA acts on Corp. CUs, legacy assets, NCUA reveals new corporate CU rule (9/27/10). For the most recent and past NCUA video presentations, use the resource link.
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