Bridging the Gap to the New Corporates Model
For those who thought there might be wiggle room in the NCUA’s willingness to tolerate a merger of Tier 1 corporates, unambiguous words came from Scott Hunt, director of the NCUA office of corporate credit unions, at a panel discussion about the future of corporates at the New Jersey Credit Union League’s Reality Check conference in Atlantic City, N.J.
Talk about a reality check. Under persistent questioning, Hunt said, "To allow a Tier 1 merger to happen we would run afoul of our duties. Our board has categorically said no. We would in effect be building the biggest competitor within the corporate system and we will not do that."