Credit unions holding capital in the conserved corporate credit unions should be able to share in the future recoveries of securities and the NCUA should instruct its examiners to allow credit unions more flexibility in developing plans to rebuild their net worth.
Those are among the requests that CUNA President/CEO Dan Mica made in a letter he sent yesterday to NCUA Chairman Michael E. Fryzel.
Mica said that allowing credit unions to share in future recoveries was preferable to requiring some or all of the capital accounts in Western Corporate Federal Credit Union and U.S. Central Corporate Federal Credit Union to be extinguished.
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