WASHINGTON - Navy Federal Credit Union today urged the NCUA totake control of the corporate credit union system to avoid furtherdamage to the NCUSIF.
Navy Federal President/CEO Cutler Dawson said in a statementthat the NCUA should take additional steps to remove and isolatethe corporates from the NCUSIF. He criticized the agency's recentlyannounced plan to rescue the coprorates, which would in large partbe paid for by levying a 56 basis point premium on all creditunions 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 losslast year and guaranteeing all deposits at corporate creditunions.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 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.
