WASHINGTON — The Credit Union National Association is reporting on its Web site (www.cuna.org) that its Corporate CU Task Force will meet here Thursday to continue to develop and flesh out alternative funding plans for a corporate credit union stabilization plan.
CUNA's release stresses that there is no single answer to the challenge of funding the National Credit Union Administration's corporate liquidity program. However, the association warned the current plan to assess a 2009 share insurance premium on credit unions could put too much pressure on a system that is already coping with tough economic conditions.
At its Thursday session, the CUNA task force will continue to flesh out a series of alternatives that CUNA has urged lawmakers and regulators to consider. These alternate funding solutions, CUNA has said, would provide the needed support to the corporates while mitigating costs to credit unions.
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Alternatives to the pricey insurance premium CUNA has released so far include the use of the Central Liquidity Facility to loan money to both the NCUSIF and directly to corporates, and the use of the Treasury's TARP as NCUSIF back-up. In addition to its own options, the task force will be considering additional options, including those proposed recently by credit unions.
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