NCUA will transfer the legacy assets from five seized corporates into a trust, and securitize them for investors from there.
NCUA today placed three corporate credit unions into conservatorship: the $7.4 billion Members United Corporate FCU, the $9.5 billion Southwest Corporate FCU and the $1.2 billion Constitution Corporate FCU.
NCUA's legacy assets plan will create a "good bank, bad bank" structure similar to a strategy previously utilized by FDIC.
NCUA will propose a second round of corporate rules, releasing the items for comment as early as November, said Deputy Executive Director Larry Fazio.
NCUA's sale of $800 million worth of U.S. Central FCU and Western Corporate FCU securities announced yesterday wasn't part of the regulator's legacy assets plan.
Despite Washington-area thunderstorms that at times compromised audio quality, the NCUA addressed several hot topics during a 90-minute town hall webinar on June 28.
NCUA Deputy Executive Director Larry Fazio provided a few more clues yesterday regarding progress toward separating so-called legacy assets from corporate credit union balance sheets.
ALEXANDRIA, Va. -- The NCUA Board last Thursday approved a 13.4 basis point assessment for federally insured credit unions to help the Corporate Stabilization Fund repay the Treasury Department.
Alexandria, Va. --The NCUA Board is approved a 13.4 basis point assessment for federally insured credit unions to help the Corporate Stabilization Fund repay the Treasury Department.
Natural person credit unions don't know how much they will have to pay to shore up the NCUSIF this year,