Perkins Letter Suggests NCUA Legacy Assets Action Friday
A letter to members from the $20 billion Western Corporate FCU's Philip Perkins suggests NCUA will announce its corporate legacy assets plan Friday, despite previous communication from the agency that it will only provide an "update."
"I am writing to inform you that you should shortly expect the NCUA to make announcements on the final rule Part 704 for corporates and on the plan to manage corporate legacy assets," WesCorp President/CEO Perkins wrote in the Sept. 21 letter, distributed to members via e-mail.
"My expectations would be to look for information to be formally presented to the credit union system shortly after the conclusion of the NCUA Board meeting later Friday afternoon, East Coast time," he continued.
Perkins' statement differs from the NCUA's previous announcements that it would release final corporate regulations Friday, but only provide "updates" on plans to isolate legacy assets from corporate balance sheets.In announcing its Sept. 27 virtual town hall meeting, NCUA said it would "provide stakeholders with an update on NCUA's plan to resolve corporate legacy assets." NCUA's board meeting agenda for Friday also announced only a board "update" on legacy assets.