Reg's Push for Volume Drives Corporate Consolidation
And then there were 16. That is the current count of corporate credit unions, after a year where all the institutions faced an Oct. 20 NCUA deadline to qualify as “adequately capitalized” per the regulator’s calculus.
This represents more than a 50% decrease in the number of corporates that had been operational in mid-2010, by the count of Dianne Addington, CEO of Catalyst, a new corporate that arose in 2011 from a merger of Georgia Corporate with Southwest Bridge.
Prepayment Plan Fails
A program that may have saved credit unions some of the costs for rescuing corporate CUs never got off the ground due to a lack of interest.