WASHINGTON – While everyone is waiting on the GAO’s report on credit unions and secondary capital, there’s another report in the works that affects credit unions – the GAO’s study of corporate credit unions. Originally coporates were supposed to be included with the GAO’s report on credit unions released last year, but the GAO decided to break them out separately. During the last year the GAO has visited with seven corporates – U.S. Central, WesCorp, Mid-States, Mid-Atlantic, Southwest, Empire, and Treasure State – as part of their research on corporates. Some areas they are focusing on include corporates’ expanding product lines, competitive forces, changes in technology and how they are being regulated by NCUA. There have been a number of new corporate rules and regs since 1995 when CapCorp failed. “Over the last year, we’ve told them the complete corporate story. Corporates are stronger than ever, with more capital and more assets. Overall I feel that they’ve seen corporates have come a long way in the last nine years,” said Association of Corporate Credit Unions Executive Director Mike Canning. Here’s how the report will progress. First the GAO will send a copy to NCUA for them to review for about a week and report back to the GAO with any errors. The GAO will then consider any changes, and then publish the full, final report.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.