WASHINGTON (9/28/10)—The National Credit Union Administration (NCUA) on Monday held the first in a series of town hall meetings to explain and gather input on its recently passed corporate credit union and legacy asset plans. The NCUA will hold 11 additional town hall-style meetings in Atlanta, Ga.; Boston, Mass.; Dallas, Texas; Chicago, Ill.; Columbus, Ohio; Detroit, Mich.; Los Angeles, Calif.; Orlando, Fla.; Phoenix, Ariz.; Portland, Ore.; and Alexandria, Va. The first of these meetings will take place in Portland on Oct. 5. NCUA Chairman Debbie Matz said that the NCUA has scheduled at least two meetings in each region “to make sure that credit union officials have an opportunity to be personally briefed and ask questions.” The NCUA last week introduced comprehensive plans addressing both the corporate credit union system and the legacy assets held by many of the corporate credit unions. The NCUA corporate rule strengthens capital requirements on the corporates, establishes concentration limits on investments, revises asset-liability management requirements and alters governance standards. The final corporate rule also amends Part 704 of the NCUA's rules, adjusting the current corporate capital requirements by replacing the current 4% minimum total capital ratio with a 4% minimum leverage ratio, a 4% tier one risk-based capital ratio, and an 8% total risk-based capital ratio for adequately capitalized corporate credit unions. The new corporate rule will also prohibit the purchase of private-label mortgage-backed securities or subordinated securities. A trio of corporate credit unions were added to the list of corporates under NCUA control, with the NCUA announcing the liquidations of Members United Corporate FCU, Southwest Corporate FCU and Constitution Corporate FCU last week. These liquidations, along with the ongoing conservatorships of U.S. Central FCU and Western Corporate FCU, result in the NCUA holding 98% of all distressed legacy assets held in the corporate credit union system. The NCUA’s plan for these legacy assets, which are made up primarily of private label, residential mortgage-backed securities, is to isolate and fund $50 billion of the assets. The assets will then be reissued as NCUA Guaranteed Notes (NGN), which will then be sold on the open market. (See related stories: NCUA acts on Corp. CUs, legacy assets, NCUA reveals new corporate CU rule (9/27/10).