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NCUA Announces Closure Plans for U.S. Central

The NCUA today announced its plans for winding down US Central by yearend.

By Robert McGarvey | Updated on January 10, 2012

The NCUA today announced its plans for winding down US Central by yearend in a memo to U.S. Central users signed by Scott Hunt acting as conservator.

The memo detailed looming fee hikes and made clear that NCUA “will be monitoring your corporate’s efforts to transition away from the [U.S. Central] APEX platform. Specifically, OCCU [NCUA’s Office of Corporate Credit Unions] is requiring that each U.S. Central Bridge member corporate develop a plan and timeline to execute the transition U.S. Central Bridge. This plan must be completed and submitted to the OCCU by February 24, 2012.”

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