NCUA's legacy assets plan will create a "good bank, bad bank" structure similar to a strategy previously utilized by FDIC.
Non-legacy corporate assets will transferred to new "bridge" charters at the four largest seized credit unions. Toxic assets will remain under old charters, which will be declared inactive.
Because of its size, the $1.2 billion Constitution Corporate will not receive a "bridge" charter. Rather, assets may be resolved by a purchase and assumption, said Deputy Executive Director Larry Fazio.
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