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The “very severe earnings hit” on credit unions by NCUA’s corporate takeovers should now force the Treasury and Congress to come up with a CU aid package, the president/CEO of The Golden l CU of Sacramento said Monday.

“It’s no longer a choice but an absolutely necessity” that Treasury and Congress craft a financial relief program,” said Terry Halleck, expressing deep disappointment” at NCUA’s bold action, which she described as “drastic” and injurious to CUs, particularly in her own state as well as in Florida, Nevada and Arizona. The cost to The Golden 1 based on the two assessment hits will result in a $76 million loss of capital, she said.

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