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
Mica takes alternate funding case to NCUA board
WASHINGTON (2/2/09)—Credit Union National Association (CUNA) President/CEO Dan Mica contacted the three members National Credit Union Administration (NCUA) board Friday to urge them to reconsider the agency’s plan to aide corporate credit unions. In a letter advocating the credit union case directly with NCUA board, Mica urged “in the strongest terms” that they “reconsider the mechanism NCUA has announced for funding the assistance.” Last week when announcing a plan to bolster the liquidity of U.S. Central FCU and other corporate credit union system, the agency said it would declare a premium assessment to restore the National Credit Union Share Insurance Fund (NCUSIF) equity ratio to 1.3%. The premium will be collected later in 2009. CUNA is not challenging the agency's decision to assist the corporates at this time. However, the NCUA's plan to pay for the assistance in a way that would result in 80-90% of credit unions having negative ROAs is not acceptable, Mica wrote. (See related stories: CUNA concerned about costs of NCUA corporate plan, Alternatives to premium assessment urged by CUNA.) CUNA will continue pressing NCUA next week to address a range of alternatives that will minimize the costs imposed on federally insured credit unions. Mica emphasized that this issue is the highest priority for CUNA's members. Mica noted that the NCUA’s plan to pay for the corporate assistance could not have come at a worse time for the credit union system and underscored that it will impact credit unions’ ability to serve their members and their communities.


RSS





print
News Now LiveWire
CU Effect: @StLouisComm collaborates to save homes with FHLB grant #NewsNow http://t.co/fxX8EhouUj
4 hours ago
#NewsNow March 31 deadline for Biz Kid$ fin. ed grant application http://t.co/5AD5ZYPLEU
5 hours ago
.@CUNA sends letters on @RepAndyBarr QM bill, @RepMickMulvaney @NCUA budget transparency bill #NewsNow http://t.co/cRAk46ALeD
6 hours ago
The U.S. Court of Appeals restored NCUA lawsuit v. Barclays Capital that charged misrepresenting quality of $550M IN RMBS. See News Now Wed.
20 hours ago
Registration is now open for the online livestreaming of @TheNCUA March 19 open board meeting. http://t.co/yOuqdXHlxj
1 day ago