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News Now

Washington
Corporate CU summit kicks off this week
WASHINGTON (11/8/10)—The Credit Union National Association (CUNA) later this week will bring together several credit union stakeholders in an attempt to develop a systemwide plan for the future of corporate credit unions. The summit, which will take place in Chicago on Sat., Nov. 13, will be strictly about dialogue, and will not attempt to “force outcomes,” CUNA Vice President of Communications Pat Keefe said. The summit will attempt to address the future role of corporate credit unions in providing key payments, settlement, liquidity, and investment advisory services to natural person credit unions. Natural person and corporate credit union representatives, state credit union league leaders, and other related groups will be among the 80 individuals in attendance. CUNA President/CEO Bill Cheney last month noted that a large number of credit unions and others asked CUNA to lead the meeting and “help the industry chart a path to the future on these issues.” However, CUNA is not taking sole ownership of the issue, and plans to work closely with the credit union system to help address questions that have arisen since the National Credit Union Administration (NCUA) approved new corporate credit union and legacy asset rules on Sept. 23. "There are no more important issues now than how we, together, address corporate credit union services. This is why CUNA will be hosting the summit and continuing our work to pursue solutions not only for the transition period under the new rule but for the future," Cheney said. The NCUA in late September revealed its final corporate credit union rule, which adjusts 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 rule will also prohibit the purchase of private-label mortgage-backed securities or subordinated securities, and limit the awarding of so-called "golden parachute" executive compensation packages in some instances. The new rules also impose some restrictions on the board composition of corporate credit unions. The NCUA plans to release additional refinements to its corporate plan as they are developed.


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