CUNA is asking credit union employees and volunteers to e-mail NCUA board members and urge them to allow that additional premiums caused by the problems of corporate credit unions be spread out.
The association is requesting the e-mails in advance of tomorrow's scheduled closed NCUA board meeting where members will consider ways to fund the additional costs to the NCUSIF stemming from the NCUA's decision to place U.S. Central Federal Corporate Credit Union and Western Federal Corporate Credit Union into conversatorship.
"The NCUA Board should work on devising a plan for credit unions to pay for the actual losses that may result from corporate investments as they occur rather than requiring credit unions to pay up front based on a theoretical estimate of the costs," said one of the talking points.
CUNA also asks its members to ask the agency to release more information about how it decided to place the two corporate into conservatorship, including more details of an outside analysis that it commissioned PIMCO to do of the holdings of all corporate credit unions.
The Action Alert includes the email addresses of all NCUA Board members and several top staff members of the agency.
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