Senators Press Matz On Corporate Credit Union Woes
Watch a webcast of Matz's testimony here.
WASHINGTON - Senators of both parties asked pointed, though not hostile, questions of NCUA Chairman Debbie Matz about how the agency dealt with the problems of corporate credit unions and whether the agency's examination procedures were adequate.
In her opening statement, Sen. Kay Bailey Hutchison (R-Texas) praised the agency for not burdening the taxpayer when rescuing corporate credit unions.
In her testimony, Matz said the agency was forced to take a series of strong administrative actions-including conserving five corporate credit unions-to rescue corporate credit unions because the industry "faced unprecedented threats to its stability." And she noted that losses are being paid for "entirely by credit unions."