Credit Union Management

NCUA's final corporate rules simplified limitations on permissible investments for wholesale credit unions.

Credit unions will be allowed to purchase securitized legacy assets, said NCUA Deputy Executive Director Larry Fazio.

New securities issued from legacy assets will be guaranteed by NCUA, said Deputy Executive Director Larry Fazio.

NCUA will transfer the legacy assets from five seized corporates into a trust, and securitize them for investors from there.

NCUA's sale of $800 million worth of U.S. Central FCU and Western Corporate FCU securities announced yesterday wasn't part of the regulator's legacy assets plan.

NCUA today confirmed that it has sought bids on $800 million worth of securities backed by U.S. Central FCU and Western Corporate FCU investments.