NCUA Chairman Debbie Matz told 800 Texas Credit Union League members yesterday she’s dedicated 20 “top staff” to developing a plan to dispose of $50 billion worth of corporate toxic assets.

During the league’s annual meeting in Grapevine, Texas, Matz said the team has been brainstorming for several months, and has encountered questions, legal and accounting issues with nearly every possible solution.

“There is no easy way to un-bundle more than $50 billion worth of long-term assets, repackage them into marketable bonds, and move them from corporates’ balance sheets without realizing the losses,” she said.

However, NCUA is close to proposing a plan that would remove the riskiest of the so-called legacy assets from “ongoing corporates”, while retaining the “most valuable pieces of the corporate system,” she said.

Matz said she anticipates receiving a plan for board approval in June.