AUSTIN, Texas -- Led by CUNA, credit unions and their leagues fired up a vigorous public and insider campaign voicing loud opposition to NCUA's corporate rescue plan that would impose painful assessments on CUs via NCUSIF.

Taking note of industry "shock and anger" over the stabilization plan, the president/CEO of the Texas Credit Union League, Richard Ensweiler, said that following a member survey his trade group remains "highly concerned" about the proposal and is acting swiftly to assess the impact. The TCUL board was slated to meet today "to discuss" the NCUA program.

In a message to its members, TCUL said it also "has learned from NCUA that an accounting memorandum will be issued this week that will outline how the proposed assessment would be reflected in credit union income/loss statements and balance."

Elsewhere, the Maryland/DC Credit Union Association noting planned "updates" with NCUA officials in meetings next week repeated assurances from its corporate, Mid-Atlantic, that it has "adequate liquidity to meet all its member needs" though it has suffered $36 million in unrealized losses. Mid-Atlantic's president/CEO Jay Murray noted also that NCUA is conducting a conference call with corporate credit unions today and "we expect to get additional information and details from them at that time."

Like other state leagues, both Maryland/DC and Texas reminded members to tune in to a Wednesday afternoon CUNA-sponsored webinar "to discuss other ways to address the issue to mitigate CU impact."

"The no-charge Webinar for all affiliated credit unions will cover the NCUA corporate rescue plan, CUNA's view of its impact on credit unions-and ideas for mitigating the costs on credit unions," noted the Texas League.

Instant Insights /

State Leagues Join in 'Anger' Over NCUA Assessment

Related Stories

Recommended For You