The memo offering details of life after U.S. Central Bridge came out of the NCUA with a bland title, "Fact Sheet APEX-ACH Transition." But as it has circulated, it has triggered a large question among some corporate credit union executives: Which government body is steering this effort, NCUA or the Federal Reserve?
The stated purpose of the document, distributed to CEOs of corporate credit unions, is to offer detailed guidelines to corporate credit unions as they prepare their exit strategies for leaving U.S. Central Bridge, due to be filed with NCUA no later than Feb. 24.
But hidden in the message, some corporates executives believe, is a ceding of control of the process by NCUA to the Fed.
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