CUNA General Counsel Eric Richard said today the association won't file a suit challenging NCUA's decision to place U.S. Central Federal Corporate Credit Union and Western Federal Corporate Credit Union into conservatorship but wouldn't rule out legal action in the future if necessary.
He said NCUA's legislative proposal to create a stabilization fund goes a long way towards working to resolving both the problems facing the corporate credit unions and enabling natural person credit unions to spread out premium payments over several years.
"You don't want to sue your regulator. We hope things can be worked out cordially."
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