SAN ANTONIO — NCUA Chairman Debbie Matz told state regulators today that the corporate credit union reforms do more than just
r
epair existing damage.
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"We can assure you that this crisis will never happen again," she said during a speech at the NASCUS State System Summit.
She said that the new rule, with its capital standards and changes in corporate governance rules, will make certain that corporates don't make the kind of risky investments that caused such tumult.
And Matz said the plan for dealing for legacy assets was devised with the idea of having credit unions take responsibility while keeping costs down.
"It's not a government bailout. We aren't propping up failed institutions," she noted. "It's not a rescue or bailout but a comprehensive reform."
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