The NCUA today announced its plans for winding down US Central by yearend.
Corporate leaders had mixed reactions to this week's report from the GAO critiquing the NCUA's handling of the corporates crisis.
The email from the NCUA to current Western Bridge members summed it up. “The National Credit Union Administration Board awarded Catalyst Corporate Federal Credit Union (Catalyst) the exclusive right to acquire Western Bridge Corporate Federal Credit Union (Western Bridge).”
NCUA awards Texas-based corporate "exclusive right to acquire" remains of WesCorp.
ALEXANDRIA, Va. — If current financial trends continue, the NCUSIF's equity ratio will likely end the year at between 1.28% and 1.32%, which could mean a lower assessment to pay for the corporate credit union rescue, NCUA Chief Financial Officer Mary Ann Woodson told the agency's board last Thursday.
Agency says goal is to minimize disruption to members, costs to stabilization fund.
NCUA seeks to reassure on US Central Bridge.
Filings note that NCUA had fulltime examiner on site, knew full well what investments were being made.
Although government work isn’t always lucrative, 25 NCUA employees make more than $201,000 annually, according to agency records.
New Catalyst Corporate Credit Union would "conservatively" have 935 credit unions aboard, Georgia Corporate execs say.