ANPR comments include a complete corporate system overhaul recommended by a consortium of 12 large credit unions.
Lead by Chairperson Dennis Pierce, CEO of the $1.6 billion Community America Credit Union, the Corporate Credit Union Stabilization Partnership advocates only three corporate entities: one corporate that provides short-term investments and liquidity services, a broker/dealer that provides long-term investments, and a CUSO that handles long-term liquidity products like loan securitizations and participation loans.
The 105-page document claims the plan would save $250 million in annual expense savings. Additionally, the remaining stripped-down corporate would not only break even, it could generate net income as high as $164 million annually.
Other CCUSP members include the $2 billion Bellco Credit Union, the $3.2 billion Bethpage Federal Credit Union, the $3.6 billion ESL Federal Credit Union, the $807 million NuUnion Credit Union, the $3.3 billion Pennsylvania State Employees Credit Union, the $2.7 billion San Antonio Federal Credit Union, the $4.1 billion Star One Credit Union, the $1.9 billion State Employees Credit Union of Maryland, the $1.7 billion State Employees Federal Credit Union, the $1.4 billion Texas Dow Employees Credit Union, and the $1.5 billion Wright-Patt Credit Union.
The group's comments are posted on the NCUA's website under Community America.
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