NCUA Chairman Deborah Matz has assured leaders of Texas credit unions the agency expects to honor expiring service contracts CUs have with conserved corporates possibly putting the contracts on a month-to- month basis.
In remarks made last Friday at one of NCUA's town hall gatherings in Dallas, Matz discussed pricing concerns of CEOs and board members telling the gathering that during the 24 month operation of bridge corporates the agency may "honor current pricing for the period" on a monthly cycle.
Her comments were directed to CUs which have contracts with the conserved Southwest Corporate FCU.
In her talk, Matz once again cautioned against "hasty decisions" by CU boards as she also outlined the latest timetable for the corporate restructuring.
In a rundown of her talk appearing today in the "Lonestar Leaguer" newsletter of the Texas Credit Union League, Matz said Southwest Corporate is due to make the transition to a bridge corporate sometime in November.
"Credit unions don't have to act now," she stressed. She acknowledged that CU directors do need further education about the corporate system resolution plan and the various options that are available.
Noting Southwest Corporate is in the process of forming its own advisory panel of CU executives, she urged the volunteers to "to wait for your credit union CEO peers to come up with system solutions before taking any individual action," said the Lonestar Leaguer.
Regarding options, she noted that NCUA currently has "a three-part DVD" dealing with options "and a fourth installment, now up on the NCUA website, will be sent to credit unions in November, hopefully in time for those credit union board meetings."