Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Legacy asset plan covered in NCUA DVD
ALEXANDRIA, Va. (9/29/10)—The coming resolution of the corporate credit union legacy asset situation is covered in the most recent National Credit Union Administration (NCUA) corporate video presentation. The video presentation “provides the plan developed to resolve the legacy assets held by the largest corporate credit unions,” the NCUA said. The legacy asset plan "involves isolating the legacy assets to prevent the need to sell them at severely distressed prices; securitizing them and giving them a U.S. government guarantee; and then selling them to investors on the open market," the NCUA said in a release. The video presentation is the fourth and final presentation in the series. Previous video presentations addressed the history and services of the corporates, corporate credit union investments and issues associated with those investments, and the NCUA’s efforts to deal with the problems caused by those investments, respectively. The NCUA said that the four video presentations “were produced to provide credit unions a thorough understanding of the background and prevailing situation concerning the nation’s corporate credit union system.” The NCUA late last week issued a final rule on the corporate credit union system and introduced its comprehensive plan for dealing with the legacy assets held by the corporates. (See related stories: NCUA acts on Corp. CUs, legacy assets, NCUA reveals new corporate CU rule (9/27/10). For the most recent and past NCUA video presentations, use the resource link.
Other Resources

RSS





print
News Now LiveWire
#FinCEN seeks nominations of FIs, trade groups for membership on Bank Secrecy Act advisory group http://t.co/l5w58c277W
45 minutes ago
MI pediatric dentist pledges $20K match to Hurley Children's Hospital if it wins @CUDirect's 20 for 20 http://t.co/Eq2nIPm6jo
1 hours ago
Kids learn budgeting with M&Ms http://t.co/SzXipTLX12
1 hours ago
Neb. #creditunions report widespread growth: 3Q review #NewsNow #system http://t.co/BavEljz15w
2 hours ago
Economic growth leaps in Nov, @ChicagoFed reports http://t.co/8Xo9lKLFf2
3 hours ago