What a difference 10 months makes. That's a prevailing thought in corporate credit union circles as executives digest the reports, unconfirmed by the NCUA, that two of the leading bidders for the failed Western Bridge corporate are Alloya (formerly Members United) and Catalyst (formerly Southwest Bridge plus Georgia Corporate).
This is because Scott Hunt, the NCUA's corporates chief, in February issued a memo that put the agency firmly on record as opposing too much consolidation. That might, wrote Hunt, "create an unacceptable too big to fail scenario."
The bigger headline from last February was a clear NCUA signal that it would not approve a proposed merger between Members United and Western Bridge and a reason cited was the worry about too big to fail.
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