According to a letter sent to members last Friday, the board of the $1.5 billion Eastern Corporate Federal Credit Union has voted to decline participation in the NCUA's Temporary Corporate Credit Union Share Guarantee Program, blaming the terms of participation required by the agency.
"After weighing the benefit of the guarantee against the new burdens that would be placed on EasCorp in order to obtain the benefit of the guarantee, your EasCorp Board unanimously voted to decline the opportunity, in the belief that [it] is in your best interests," wrote President/CEO Jane Melchionda.
Protecting member capital was the most determinative factor in the board's decision.
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