Search
 

NAFCU Urges NCUA to Help CUs Deal With Corporate CU Stabilization Plan

NAFCU President Fred Becker today encouraged NCUA to borrow as much as it is allowed to so credit unions can spread out their repayment to the NCUSIF over seven or eight years to pay for the agency's rescue plan for corporate credit unions.

By Claude R. Marx | Updated on June 14, 2009

NAFCU President Fred Becker today encouraged NCUA to borrow as much as it is allowed to so credit unions can spread out their repayment to the NCUSIF over seven or eight years to pay for the agency’s rescue plan for corporate credit unions.

Becker wrote NCUA Chairman Michael E. Fryzel and the other two board members that the agency should borrow the $6 billion that Congress recently authorized. These funds would be used to restore the $1 billion of capital to the NCUSIF that was recently injected into U.S. Central, the $0.9 billion loss reserve and $4 billion for the credit loss on the investments of the corporate credit union investments.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.