NCUA Holding Special Meeting on Corporates and Legacy Assets
NCUA Chairman Debbie Matz announced today that the board will hold a special meeting on Friday, Sept. 24 at which it will unveil the final rule on corporate credit unions and announce its plans for dealing with the corporates' legacy assets.
The agency has been working on corporate credit rules, focusing on items such as risk concentration and rules for board membership, since last year. The changes were deemed necessary after the NCUA placed U.S. Central Federal Credit Union and Western Corporate Federal Credit Unions into conservatorship last year after they experienced significant losses in their investments.
The meeting is scheduled to take place at 2:30 p.m. at the agency's headquarters in Alexandria, Va. Matz announced the session at the end of board's regularly scheduled meeting.