Federal Reserve filing reveals for first time the battle insurers are waging to preserve state regulation, limit federal intrusion on their activities.
The three corporate credit unions placed into conservatorship Sept. 24 bring the total of seized corporates to five. Operations will continue at all five corporates.
The decision-making process began in earnest last week among credit union managers and the leaders of state leagues on the next step in dealing with possible alternate vendors for wholesale services as a result of the corporate seizures.
Charles Furbee, who retired from the Federal Reserve Bank of Chicago in March 2004, has been named CEO of the conserved Members United Corporate FCU.