Frank Pollack, the president/CEO of the $13 billon Pentagon Federal Credit Union, urged the NCUA Tuesday to work toward lengthening the payment schedule over eight years to re-fund the NCUSIF.

Commenting on the latest events surrounding the NCUA directives on the U.S. Central/WesCorp takeovers, the head of the nation's third largest CU, also said he supports CUNA's latest moves to pursue direct federal aid for the industry from new Treasury proposals and through Congress.

On the payout, Pollack said, "it all comes down to a matter of how long we have to absorb the hit, and NCUA needs to find a way to structure it over the same length as the banks and if it is affordable credit unions can handle it," maintained Pollack stressing the need for an "accurate assessment of the credit losses in the portfolio."

The Pentagon CEO also said he understands the reasoning for the swift moves against U.S. Central and WesCorp, with the NCUA "having done the right thing in seizing oversight and taking out the management."

Pollack has no quarrel with those actions but now rather than the industry facing a "question of confidence, we just need to know the real losses." Pollack said his Virginia-based CU had $5 million in WesCorp. stock. He noted that Pentagon FCU had used WesCorp for some participation loans.