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Objectives OK but CUNA has questions about NCUA plan
WASHINGTON (3/27/09)—Credit Union National Association (CUNA) President/CEO Dan Mica said CUNA supports the objective behind a federal regulators’ draft bill, which is to spread out credit union costs associated with recent actions addressing corporate credit union stability, but has important questions to bring up to the agency. Mica was remarking on the National Credit Union Administration’s plan to ask Congress to form a Corporate Credit Union Stabilization Fund to absorb losses associated with agency actions to bolster the corporate system. The draft bill would allow federally insured credit unions to spread out the associated costs over seven years. (See related story: New NCUA bill would spread out replenishment.) “Ultimately,” Mica said Thursday, “we hope to work with NCUA to present to Congress and pass legislation that will give credit unions the resources and flexibility they need to replenish the share insurance fund.” “CUNA will also continue working with the agency,” he added. In a related event, the NCUA revealed its cost for a report by Pacific Investment Management Company LLC (PIMCO) on corporate credit unions. The PIMCO report was the basis, in part, of the NCUA's recent action –to conserve two corporate credit unions, U.S. Central FCU, Lenexa, Kan., and Western Corporate FCU (WesCorp), San Dimas, Calif. PIMCO is a PIMCO is a leading global investment management firm. Conflicting with earlier accounts, the NCUA said the PIMCO fee was $4.5 million and that it was .001% of the par value of the portfolio viewed. The NCUA said the credit union securities held exceeded $45 billion.


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