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News Now

Washington
CUs dont have to act now on corporate decisions Matz
DALLAS (10/12/10)--National Credit Union Administration (NCUA) Chairman Debbie Matz urged credit union boards to wait for more information about corporate credit union options before looking outside the system for services. Matz told Corporate System Resolution Town Hall Meeting participants that bridge corporate credit unions will operate for 24 months to provide time for the credit union system to develop multiple options for corporate services. Southwest Corporate, which is now in conservatorship, is expected to evolve into a bridge corporate structure in November (LoneStar Leaguer Oct. 11). Southwest is currently forming an Advisory Council of credit union executives to help develop future corporate services. If a credit union’s contracts for corporate services expire during the 24-month bridge period, Matz noted that bridge corporates may honor current pricing on a month-to-month basis. Scott Hunt, NCUA Office of Corporate Credit Unions, advised credit unions to maintain current deposits in the system until the securitization process is complete in roughly six months. Maintaining deposits will prevent strains on liquidity that could create additional losses and impact all credit unions. The NCUA offers a three-part DVD about the corporate system resolution plan and timetable. A fourth installment is now available on the NCUA website.


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