Ending a processing period that lasted eight months, the NCUA has approved the nation's biggest interstate merger, the $4.6 billion consolidation of First Tech Credit Union, Beaverton, Ore., and Addison Avenue FCU of Palo Alto, Calif.
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.
I really liked this blog post by Filene's Brent Dixon regarding the value of trust for credit unions
The NCUA Board will miss its self-imposed deadline for a corporate restructuring rule and legacy assets plan at its September board meeting.
I'm not sure a Black Friday would be such a bad thing. ['Will the NCUA Let Loose a Corporate Black Friday?' CU Times, Aug. 18, page 1.]
We all make tough business decisions where there is no black and white, only shades of gray.
A natural tension exists between industry and regulators that can be healthy and helps keep both on their toes. But when a loss of respect occurs on either side, and currently on both sides, it becomes counterproductive.
In 1997, the Treasury Department performed a study aimed at improving credit unions.
Federal accounting rules, deteriorating securities and an increasing corporate bailout price tag are hurdles the NCUA will have to overcome in its quest to rid corporates of toxic investments.
This isn't a rehashing of the corporate credit unions' problems or legacy assets or placing blame. We'll learn about the agency's plans for the legacy assets soon enough (though it has been some time coming). This is about the discovery of next steps.