On Monday, April 27, Eastern Corporate Federal Credit Union's Board of Directors voted unanimously to participate in the NCUA's Temporary Corporate Credit Union Share Guarantee Program, per the $1.4 billion institution's May newsletter.
EasCorp had previously decided against participating in the deal, saying it didn't adequately protect member capital and could cause the board to "potentially lose control" of the corporate's future. However, the NCUA announced revisions to the agreement April 21 that eliminated ambiguities and provided greater flexibility to participants.
"EasCorp's Board of Directors, in consultation with legal counsel, was satisfied that all previous concerns had been addressed and remedied in the revised agreement," the article stated.
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