ARLINGTON, Va. — NAFCU said it is pleased with NCUA's position on Wings Federal Credit Union's $200 payments and is hoping it will end the financial institution's "hostile takeover bid" of Continental FCU.
"We are very pleased that NCUA is being vigilant in analyzing and acting upon Wings' hostile takeover attempt of Continental Federal Credit Union," said Fred Becker, president of NAFCU. "We know that NCUA will continue to enforce its rules and regulations, which are designed to both protect the safety and soundness of credit unions and protect the interests of America's credit union members."
NAFCU had previously called for "rules of the road" for the unprecedented merger attempt.
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"NCUA's action today, which hopefully ends Wing's hostile takeover bid, goes a long way toward protecting and preserving the value that credit union members have worked hard to create for themselves," Becker said.
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