House Panel to Discuss Corporate CU Rescue Efforts
A House subcommittee plans to discuss efforts to stabilize the corporate credit unions at a hearing on Wednesday May 20.
The House Financial Services Committee's Subcommittee on Financial Institutions and Consumer Credit will hear testimony from representatives of NCUA and the trade associations at a 2 pm session on that date, according to several sources.
A spokeswoman for Subcommittee Chairman Luis Gutierrez (D-Illinois) did not return a phone call seeking comment though the panel rarely issues its meeting notifications more than a few days before a hearing.
But sources said that the hearing will focus on efforts to rescue the corporate credit unions, including: the NCUA's decision to place Western Corporate Federal Credit Union and U.S. Central Federal Corporate Credit Union into conservatorship, the temporary stabilization fund which the Senate passed last week and the NCUA's decision to guarantee deposits in corporate credit unions.