ALEXANDRIA, Va. (9/22/10)--There will be much to absorb after this Friday's special open National Credit Union Administration meeting scheduled to take up new regulation for corporate credit unions, as well as present an update on the agency's corporate credit union legacy asset plan. Other items on the agenda of the Sept. 24 meeting are delegation of authority regarding corporate credit union service organizations, and an interpretive ruling and policy statement on corporate FCU chartering guidelines. A 10:00 a.m. ET closed NCUA board meeting will precede the 2:30 p.m. ET open meeting. The NCUA early last year placed the two largest corporate credit unions, U.S. Central Federal Credit Union and Western Corporate Federal Credit Union, into conservatorship “to stabilize the corporate credit union system and resolve balance sheet issues” after those and other corporate credit unions realized billions in investment-related losses. The majority of the troubled legacy assets, which are held by U.S. Central and WesCorp, as well as other corporate credit unions, are private label mortgage-backed securities. CUNA Chief Economist Bill Hampel has estimated that the combined loss portfolios of U.S. Central and WesCorp could total between $9 billion and $11 billion. The NCUA, as it develops its soon-to-be-released plan, is attempting to deal with as much as $50 billion in long-term assets. The Credit Union National Association (CUNA) addressed the corporate credit union situation ahead of NCUA’s upcoming meeting, calling for a sharply revised corporate business model, with smaller balance sheets and greater focus on payments-related rather than investment services. The corporate credit union network can evolve to be the best provider of financial services to credit unions only if it makes the "deep and far-reaching changes" needed to do so, according to CUNA. CUNA has also repeatedly encouraged the NCUA to develop a legacy asset plan that addresses the legacy asset problem at the lowest cost to credit unions while also allowing capital holders to benefit if confirmed losses are sufficiently below previous estimates.