Regulatory & Compliance

CUNA President Dan Mica told a Senate panel today that the credit union movement "would prefer some help'' from the government help in the form of loans to help spread out the cost of losses to the NCUSIF.

Private investors and the government would work together to buy bad assets to help financial institutions get back on their feet, under a plan unveiled today by Treasury Secretary Timothy Geithner.

NCUA Chairman Michael E. Fryzel said today that his agency is putting together a proposal would create a new mechanism to replenish the NCUSIF.

National Credit Union Foundation Executive Director, Stephen Delfin, said the foundation doesn't expect NCUA's take over of US Central and WesCorp corporate credit unions to have an immediate impact on its operations.

By Saturday afternoon, both U.S. Central FCU and Western Corporate FCU had updated their Web sites to reflect board and management changes mandated by the NCUA as a result of Friday's conservatorships.

For the last several years, U.S. Central Federal Credit Union has been one of NACUSO's "platinum partners." However, it's too early to tell whether the corporate's recent conservatorship will have an impact on the alliance.