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Corporate CU GAO Study Draft Almost Ready

WASHINGTON - While everyone is waiting on the GAO's report on credit unions and secondary capital, there's another report in the works that affects credit unions - the GAO's study of corporate credit unions. Originally coporates were supposed to be included with the GAO's report on credit unions released last...

By Staff Writer | Updated on August 24, 2004

WASHINGTON – While everyone is waiting on the GAO’s report on credit unions and secondary capital, there’s another report in the works that affects credit unions – the GAO’s study of corporate credit unions. Originally coporates were supposed to be included with the GAO’s report on credit unions released last year, but the GAO decided to break them out separately. During the last year the GAO has visited with seven corporates – U.S. Central, WesCorp, Mid-States, Mid-Atlantic, Southwest, Empire, and Treasure State – as part of their research on corporates. Some areas they are focusing on include corporates’ expanding product lines, competitive forces, changes in technology and how they are being regulated by NCUA. There have been a number of new corporate rules and regs since 1995 when CapCorp failed. “Over the last year, we’ve told them the complete corporate story. Corporates are stronger than ever, with more capital and more assets. Overall I feel that they’ve seen corporates have come a long way in the last nine years,” said Association of Corporate Credit Unions Executive Director Mike Canning. Here’s how the report will progress. First the GAO will send a copy to NCUA for them to review for about a week and report back to the GAO with any errors. The GAO will then consider any changes, and then publish the full, final report.

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