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NCUAs Matz reiterates Corp. CU plan not a bailout
WASHINGTON (10/4/10)--In a column published in Friday’s American Banker, National Credit Union Administration (NCUA) Chairman Debbie Matz again said that “not a dime of taxpayer money” would be used as part of the NCUA’s plan for dealing with corporate credit unions. “One laudable aspect of the credit union system is that it takes care of its own. And now the vast majority of well-run and financially stable credit unions will repay their guarantees through special assessments,” Matz added. The NCUA last month introduced comprehensive plans to address both the corporate credit union system and the legacy assets held by many of the corporate credit unions. The NCUA took Members United Corporate FCU, Southwest Corporate FCU and Constitution Corporate FCU under agency control and is in the process of repackaging their legacy assets, along with the legacy assets of previously conserved Western Corporate FCU and U.S. Central FCU, into guaranteed notes. Those notes will then be sold on the open market. Credit union members “will see no changes at their local credit unions” as a result of the NCUA’s corporate actions, Matz said. Matz added that while the growth of credit union membership, assets, shares, investments, loans and net worth “(is) not record-setting,” these developments “are signs that the credit union industry is — overall — healthy, stable and poised for growth.” For the full Matz interview, use the resource link.
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