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Hyland NCUA intends comprehensive solution to corp. issues
ALEXANDRIA, Va. (10/26/10)--The National Credit Union Administration’s (NCUA) corporate credit union resolution plan “represent(s) a comprehensive solution to the problems afflicting corporates” that puts consumers first and ensures that taxpayers will not have to pick up the tab, NCUA board member Gigi Hyland said on Monday. Speaking at the American Institute of Certified Public Accountants “Conference on Credit Unions,” Hyland said that “credit unions are paying the bill” as they work to resolve the credit union system’s “most significant financial and structural challenge.” The recent corporate troubles, started by a “perfect storm of over-concentration in private-label, mortgage-backed securities held by several large corporate credit unions,” will be partly resolved by the NCUA’s recent conservation of failed and troubled corporate credit unions, Hyland said. The NCUA “had to eliminate the threat of a liquidity event and provide a stable future for the system. Now credit unions can make a strategic business decision about how to get the services they need and what works for their credit union,” Hyland added. While credit unions do not have to make these business decisions immediately, Hyland said that credit unions “need to be engaged to begin thinking about the future and working on a transition strategy.” “Credit unions have options,” Hyland added. For the full NCUA release, use the resource link.
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