Agency tells trade groups no move needed because such conversions are "relatively rare" and that converting CUs will pay this year's assessment to corporate rescue fund.
The NCUA board decided that keeping track of the bonds it has issued as part of the corporate stabilization effort has grown so complex that the agency has decided to hire a committee to oversee it.
Becker letter argues job-creation benefits of increased ability for credit unions to lend to businesses.
If more credit unions leave the NCUSIF, can the NCUA take steps to minimize the impact on those that remain?
The NCUA sued investment bank Goldman Sachs last week, seeking damages of more than $491 million and alleging misrepresentations by the firm when selling mortgage-backed securities to U.S Central and Western Corporate credit unions.
Eleven states and the District of Columbia split $360 million in State Small Business Credit Initiative funding.
Saying it only received $369.9 million in pledges, the NCUA announced last week that it will not go forward with the program allowing credit unions to prepay some of their assessments on the cost of
Two ad hoc industry groups, one in Michigan and the other in Tennessee, that have been among the most vocal in lambasting NCUA policies on corporates, salaries and compliance all year, held firm in their critical stands again last week. And they issued new complaints.
The 99,000 members of the $1.1 billion MECU of Baltimore were paid a total of $2 million by their credit union at the end of June, the 30th straight year for such cash bonuses.
Credit unions dodged a taxation bullet with the latest spending reduction package, but it remains to be seen how long their luck will hold.