NCUA today placed three corporate credit unions into conservatorship: the $7.4 billion Members United Corporate FCU, the $9.5 billion Southwest Corporate FCU and the $1.2 billion Constitution Corporate FCU.
At all three institutions, top management and volunteers were dismissed from their positions.
The three, along with U.S. Central FCU and Western Corporate FCU, own all of the securities that make up NCUA's $50 billion legacy assets plan. However, the three were not seized just to implement the plan.
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