The NCUA is telling members of three bridge corporate credit unions to “carefully evaluate” options after reading the capitalization plans.
Members United Bridge has gotten the go-ahead from the NCUA to circulate its recapitalization plan for a new corporate credit union.
Glum is the one word summing up of the mood of the bridge task forces, at least for Members United Corporate Bridge and Western Bridge and their plans to create viable entities for tomorrow.
A new name, a new home, and a new deal. All of that now appears to be coming out of the combination of Georgia Corporate with Southwest Bridge.
In a Corporate Credit Union Guidance Letter dated Feb. 8 signed by Scott A. Hunt, director of the Office of Corporate Credit Unions, the NCUA left no uncertainty about its intent to show the way forward for corporate CUs.
While credit unions are digesting the new corporate credit rules, the NCUA is preparing to release a new one that will address revenue issues.
As the birth of a new corporate credit union model emerges, the CUSOs owned by the three corporates that were recently placed
The CUSOs owned by the three corporate credit unions placed in conservatorship Sept. 24 remain open for business today.
There was little news revealed in NCUA's Virtual Town Hall today, as the regulator primarily focused on reviewing corporate stabilization events that have occurred so far.
NCUA Spokesman John McKechnie said Dave Shelter, deputy director for the Office of Corporate Credit Unions, was only speaking hypothetically when he described how the agency would liquidate U.S. Central FCU and Western Corporate FCU.