WASHINGTON – NAFCU is establishing a task force to help the association develop recommendations to the NCUA for revamping the corporate credit union system.
The panel will come up with ideas that will be included in NAFCU's response to the NCUA's request for input on the subject.
NAFCU President/CEO Fred Becker said the agency plans to get input from its existing committees and from natural person and corporate credit unions.
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Becker said they haven't finalized the task force's membership but said it would have either nine of 11 members. He said they would like comments into the association by March 13. The deadline for submitting comments to NCUA is April 6.
CUNA has a task force on corporate credit unions and other committees that are helping to formulate its response to the NCUA's request, which was contained in an Advanced Notice of Proposed Rulemaking that it issued on January 28.
NCUA issued the ANPR the same day it announced its rescue plan for corporate credit unions, which included injecting $1 billion in capital to U.S. Central and guaranteeing all deposits in corporate credit unions.
The plan has been controversial in part because the NCUA said it would levy a premium to pay for the shoring up of the NCUSIF.
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