Add the Association of Corporate Credit Unions to the list of industry groups speaking out against the U.S. Central and WesCorp conservatorships.
"We believe there were other viable alternatives for addressing the issues that were suggested to the agency by the credit union industry," said ACCU Executive Director Brad Miller.
"Also, we question the decision and timing to conserve U.S. Central and WesCorp given the movement on stimulus measures, the Treasury's private-public asset purchase plan, proposed accounting rule changes, and other positive steps being taken to revive the economy that will improve the condition of corporate credit unions and the system as a whole."
Recommended For You
Echoing the existing call for more transparency regarding the NCUA's analysis, Miller said the ACCU is concerned whether "NCUA is acting as insurer or regulator" as conservator, and said he hopes the agency will allow the corporates to recover, rather than "liquidating assets at any price above the insurance fund exposure."
Miller diplomatically thanked the NCUA for considering ways to ease the insurance fund cost impact to credit unions, but said he hopes the agency will match "actual losses with insurance fund expenditures if and when they occur", rather than "pre-fund projected expenditures" based on changing modeling assumptions
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
