Credit unions have the "moral high ground" to promote a regulatory structure that allows them to keep operating as is.

The NCUA is primarily focused on addressing corporate safety and soundness issues, and less interested in tinkering with the structure of the system, said Brad Miller, executive director of the Association of Corporate Credit Unions.

Card issuing credit unions and banks might take a small measure of comfort from the news that Heartland Payment Systems will return to Visa USA's list of firms compliant with the industry's data security standards on May 4.

Members United Corporate FCU management estimates the corporate will record a $511 million loss against its capital base over the next couple of months, wiping out all retained earnings and paid-in capital.