Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA call-to-action targets CUs ire on corporates
WASHINGTON (3/27/09)—A credit union call to action launched Wednesday by the Credit Union National Association (CUNA) generated thousands of communications to the federal regulator seeking more information on the decision to place two corporate credit unions (CCU) into conservatorship last week. An early estimate by CUNA showed about 20,000 emailed inquiries were fired off within 24 hours of the CUNA request for action. Credit unions were asked to urge each National Credit Union Administration (NCUA) board member to provide greater transparency regarding a report by Pacific Investment Management Company LLC (PIMCO) on corporate credit unions (CCU). The PIMCO report was the basis, in part, of the NCUA's action Friday to conserve two corporate credit unions, U.S. Central FCU, Lenexa, Kan., and Western Corporate FCU (WesCorp), San Dimas, Calif. PIMCO is a leading global investment management firm. CUNA also encouraged credit unions to push the NCUA to approve a mechanism to spread out the costs associated with recent agency actions addressing the corporate system. The NCUA had scheduled a special closed meeting for Thursday morning to address CCU issues. The agency unveiled draft legislation Thursday afternoon that would allow the insurance costs to federally insured credit unions associated with NCUA's actions regarding corporate credit unions to be spread out over time. (See related story: New NCUA bill would spread out replenishment.) CUNA has removed its call to action from its website.


RSS





print
News Now LiveWire
#NewsNow: @CUNA-CFA survey results suggest 3-3.5% increase in holiday spending. http://t.co/GjcDvvwfzy
10 hours ago
.@WOCCU promoted financial inclusion as a sustainable development goal at two separate @UN events this month.
11 hours ago
Colo. authorities OK first-ever #marijuana-focused CU #NewsNow http://t.co/77qj6O3bcu
11 hours ago
.@Vancity busts some Black Friday retail myths http://t.co/q8Wht3CcRc
11 hours ago
Things get hairy at #creditunions during #Movember http://t.co/Hc6tYRMSY8
13 hours ago