Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Constitution Corporate to be liquidated
ALEXANDRIA, Va. (11/22/10)--Constitution Corporate FCU (Constitution) will be liquidated on Nov. 30, the National Credit Union Administration (NCUA) announced Friday. Constitution was placed into conservatorship on Sept. 24. The liquidation, the NCUA said, is the next step in gaining control of the mortgage-backed securities on Constitution’s balance sheet to facilitate the securitization of those assets and is the same process undertaken at four other corporate credit unions that had “significant investments in distressed securities. “ The agency reiterated that it is committed to uninterrupted payment processing and other critical services for Constitution’s members and therefore is transferring the to-be liquidated corporate’s operations to Members United Bridge Corporate FCU, a bridge corporate created when Members United Corporate FCU was liquidated. Bridge corporates also formed around the liquidations of U.S. Central FCU, Western Corporate FCU, and Southwest Corporate FCU. “NCUA made this decision after determining it was in the best interest of Constitution’s members and the (National Credit Union Share Insurance Fund),” the agency announcement said.


RSS print
News Now LiveWire
.@FinancialCmte markup of Reg D Study Act set for Tuesday. CUNA will submit support letter. http://t.co/cDWkZ0Q0x1
1 hours ago
The 54th Western CUNA Management School graduated 89 students on July 25.
1 hours ago
.@CUNA Bank Secrecy Act training to reach 38 Mich. state examiners #NewsNow http://t.co/7HDPgwih8G
3 hours ago
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
20 hours ago
.@CUNAMutualGroup has committed $35K to @trustdotcoop over the next year to suppor the future of #creditunions.
21 hours ago