As the liquidating agent, the NCUA said by law, it is the party, not members or others, to pursue actions first to recover monetary losses that followed the failure of New London Security Federal Credit Union.
As forecast in September-and months before that-the merger route for corporates is quickly coming home to roost with predictions that more plans might surface this month.
What the trade associations and certain credit union leaders can't accomplish, President Obama and Congress might be able to achieve.
The $2.5 billion Georgia Corporate Federal Credit Union cleared a key hurdle Tuesday in its bid to be a merger partner next year with the NCUA-conserved Southwest Bridge Corporate FCU of Plano, Tex.
NCUA employees and other federal employees could have their pay frozen if Congress approves a proposal announced today by President Obama.
The corporate focus and how the industry deals with service options as a result of the NCUA's restructuring turned mostly to Connecticut last week, with continued interest in the
In its latest assault on credit unions' the tax exemption, the banking lobby has seized on a suit filed by the NCUA to recover losses in a 2009 Nevada credit union failure as evidence CUs are handing out loans to nonmembers on a broad scale.
The financial crisis and recession had increased uncertainty about the safety of financial institutions. In addition, credit unions are generally less visible than banks.
Credit unions portray themselves on Capitol Hill as well-managed, conservative financial institutions. It's not clear whether the necessity for the NCUA to rescue several corporate credit unions will change that reputation.
The quandary of just how credit unions grapple with the new corporate structure and ensure service access from providers occupied the highest levels of industry leadership this week.