WASHINGTON - Navy Federal Credit Union today urged the NCUA to take control of the corporate credit union system to avoid further damage to the NCUSIF.

Navy Federal President/CEO Cutler Dawson said in a statement that the NCUA should take additional steps to remove and isolate the corporates from the NCUSIF. He criticized the agency's recently announced plan to rescue the coprorates, which would in large part be paid for by levying a 56 basis point premium on all credit unions that would increase their payment into the NCUSIF.

The plan involves injecting $1 billion in capital to U.S. Central following the credit union's reported $1 .1 billion loss last year and guaranteeing all deposits at corporate credit unions.

"This plan will unfairly impact natural person credit unions by making them pay for failed financial management at the corporate credit unions," Dawson said "The price tag for lack of appropriate management and oversight of the corporate credit unions should not be borne by natural person credit unions."

Navy Federal Credit Union has $56 billion in assets and is the world's largest credit union.