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NEW YORK — NCUA’s plan to rescue troubled corporate credit unions will end up devastating community development credit unions, according to the National Federation of Community Development Credit Unions. The Federation represents more than 200 CDCUs around the country.

In a Feb. 9 letter to the agency, Federation CEO Cliff Rosenthal said that the Federations review of data CDCU’s reported to NCUA indicated that the current proposal would force 62% of CDCUs to have negative income in 2009. The Federation also reported that 18% of CDCUs would fall below the 7% standard for being considered well capitalized. Another 10.1% would fall below the line for adequately capitalized.

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