Shortly before year end, NCUA announced it had launched two new websites to increase transparency of the corporate resolution system.
Texas-based corporate says its aim is to ease transition to new corporate after winning right to buy remnants of WesCorp.
Corporates say they're ready; NAFCU's Becker says FOI request sent to NCUA to find out more.
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).”
And then there were 16. That is the current count of corporate credit unions, after a year where all the institutions faced an Oct. 20 NCUA deadline to qualify as “adequately capitalized” per the regulator’s calculus.
NCUA awards Texas-based corporate "exclusive right to acquire" remains of WesCorp.
Despite an earlier indication from the NCUA that the regulator hoped to reach a decision about how best to dispose of the assets of conserved corporate Western Bridge in November, that month came and went with no announcements.
November gone, sources say NCUA board meeting on Dec. 15 should include an announcement.
What a difference 10 months makes. That’s a prevailing thought in corporate credit union circles as executives digest the reports, unconfirmed by the NCUA, that two of the leading bidders for the failed Western Bridge corporate are Alloya (formerly Members United) and Catalyst (formerly Southwest Bridge plus Georgia Corporate). This...
Reflections on the Mid-Atlantic - VACORP merger.