On-Site Coverage: Hyland Says Corporate Woes Could Prompt Treasury Review of NCUSIF
WASHINGTON - The problems facing corporate credit unions might spark additional examination of how the NCUSIF is funded, NCUA Board Member Gigi Hyland said today.
"Some career folks at Treasury have long felt the current system isn't the best way to fund the fund. It is pro cyclical and compounds the problem if there are difficult times," she said in an interview in between sessions of the agency's symposium on the 75th anniversary of the Federal Credit Union Act.
She said while it's not clear what the Treasury Department's top officials think about the NCUSIF, the cost to natural person credit unions of funding the costs of rescuing the corporates will likely prompt more discussions and possible changes.