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CU System
NCUA panelists discuss corporates future at meeting
ATLANTIC CITY, N.J. (3/31/11)--The future of the corporate credit union network and Tier 1 corporate mergers were among the topics addressed by a panel at the 2011 Credit Union Reality Check in Atlantic City, N.J., last week. The event was sponsored by the New Jersey Credit Union League and some of its affiliates and attended by 194 credit union representatives from six states (The Weekly Exchange March 21). The panel featured Scott Hunt, director of the National Credit Union Administration's (NCUA) Office of Corporate Credit Unions; Charles "Chuck" Furbee, CEO of Members United Bridge Corporate; Robert Fouch, CEO of Corporate Central; Jay Murray, CEO of Mid-Atlantic Corporate; and Lee Butke, CEO of Corporate One. NCUA's Hunt told the group that allowing a Tier 1 merger between two corporates "would run afoul of our duties. Our board has categorically said no." A Tier 1 merger would "build the biggest competitor within the corporate system and we will not do that. The NCUA will not build a bigger corporate when [the bridges] are under control," he told attendees. However, he did not rule out the possibility of NCUA allowing bridge corporates that successfully gain independent status to merge, the league reported. The corporate CEO panelists said that one of the keys to the future of corporate credit unions was the viability of the corporates' recapitalization plans to move forward. Part of the plan for moving forward and rebuilding a strong, viable corporate includes asking its members to contribute new capital, the group said. Hunt reiterated NCUA's position that as regulator it would take all steps necessary to preserve a well-functioning system of corporate credit unions and to protect the assets of natural person credit unions and their members during the ongoing broader financial market dislocation.


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