NCUA has spoken strong assurances to current Western Bridgeusers that–despite the failure of UnitedResourcesto capitalize–it will be business as usual at the San Dimascorporate.

In that regard, Scott Hunt, acting as agent for the conservatorof Western Bridge, today wrote, “The National Credit UnionAdministration (NCUA) remains firmly committed to ensuringcontinuity of service and operations for all Western Bridge membercredit unions. We have no immediate plans to shutter WesternBridge's operations. NCUA is committed to an orderly and timelyresolution that ensures uninterrupted service to all member creditunions.”

Hunt, who also serves as NCUA's director of the office ofcorporate credit unions, continued, “While Western Bridge is atemporary entity, NCUA seeks a holistic approach in addressingmember credit union service needs that will not require significantchanges to how your credit union currently does business. However,credit unions that choose to directly seek an alternative providerin the coming months are still free to do so.”

The letter also revealed more of the strategy at the NCUAregarding next steps for Western Bridge, “The serviceinfrastructure and member service volume at Western Bridge havesignificant value. NCUA is working to solicit acquirers to obtainthe business as a package transaction that will have minimal impacton member credit unions. This may be accomplished through a mergerwith or an acquisition by another corporate or wholesale financialinstitution.”

The value would be maximized by maintaining the user base, theletter stated.

Outside experts have told Credit Union Times that theybelieve Western Bridge operations will continue for as long as ayear, so bottomline: there appears to be no rush.