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NCUAs Marquis CUs cant afford not to invest in corporates
WASHINGTON (2/25/09)—During a packed question-and-answer session about the corporate credit union system at the Credit Union National Association’s (CUNA) Governmental Affairs Conference Tuesday, National Credit Union Administration (NCUA) Executive Director Dave Marquis encouraged credit unions to support the corporate credit union system. “Credit unions can’t afford not to invest in corporates,” he told an almost-full room of conference attendees. He noted that about 98% of credit unions depend on corporates for their payment systems. During the session, credit union representatives had the opportunity to ask questions about the corporate credit union network and receive answers from a panel of NCUA senior staff. The session was moderated by Kathy Thompson, CUNA senior vice president of compliance. Panelists included:
* Owen Cole, NCUA Central Liquidity Fund president; * Larry Fazio, NCUA deputy executive director; * Bob Fenner, NCUA general counsel; * Scott Hunt, Office of Corporate Credit Unions director; * Marquis; and * John Kutchey, acting examination and insurance director.
Credit unions’ questions to the panel ranged from how the corporate credit union system and the Central Liquidity Facility works, to how the NCUA’s corporate stabilization plan would affect credit unions’ balance sheets. In one example, Marquis suggested credit unions present their members with a balance sheet explaining that their return on assets was affected due credit unions’ cooperation in helping the corporate system. Marquis also noted that results of PIMCO, which NCUA has engaged to analyze corporate investments, would be as transparent as possible without exposing individual credit union exam information. However, PIMCO will not release its methodologies, Marquis noted. At the end of the session, Thompson encouraged credit unions to submit their comments about an Advanced Notice of Proposed Rulemaking (ANPR) to CUNA regarding the structure of operation of corporate credit unions. The ANPR focuses on the role of corporates in the credit union system and details possible changes to the regulations governing corporates. Comments on the ANPR are due April 6.
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