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Corporates future rests on reasoned approach CUNA to NCUA
WASHINGTON (9/7/11)--The Credit Union National Association’s (CUNA) Corporate Credit Union Next Steps Working Group urged the National Credit Union Administration (NCUA) to work with credit unions to help ensure the best solutions for payment and settlement services for credit unions will continue during a recent meeting. The working group, which is chaired by VyStar CU President/CEO Terry West, met with NCUA Office of Corporate Credit Unions Director Scott Hunt, Director of Examination and Insurance Larry Fazio, and Senior Strategic Communications and External Relations Advisor Buddy Gill. The group raised a number of credit union concerns during the meeting, and said the meeting was productive. The NCUA during the meeting said that a top NCUA priority is providing uninterrupted service for natural person credit unions. The agency last week moved to implement contingency plans after the Payments Network FCU organizing council, which includes representatives from many of the nation's corporates, elected to continue working cooperatively to create partnerships that allow uninterrupted products and services to credit unions rather than charter a new corporate credit union to replace U.S. Central Bridge Corporate FCU. Western Bridge Corporate FCU will also continue its operations after its members’ attempt to reach the capital subscriptions goal of $200 million, which was required by the NCUA for the credit union to establish a new charter for replacement corporate United Resources FCU, fell short. The NCUA has said it has no immediate plans to shutter the operations of either corporate, and added it is committed to an orderly and timely resolution that ensures uninterrupted service to all member credit unions. For prior coverage of these corporate developments, use the resource links. CUNA Chief Economist Bill Hampel said that the majority of corporate credit unions did meet their recapitalization threshold, and added that credit unions that are members of the corporates that did not capitalize would retain the option of working either with a group solution developed by NCUA or any other vendor they chose.


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