Hyland Responds to Credit Unions’
Grassroots Efforts
Alexandria, VA, March 27, 2009 -- NCUA Board Member Gigi Hyland responded today to the 1,400 credit unions that e-mailed her expressing their opinions about NCUA Board corporate stabilization efforts. The e-mails addressed the need to spread the costs of the stabilization efforts over a longer period of time and they requested enhanced transparency on the information underlying the Board’s corporate stabilization efforts.
“That is credit union grassroots at work,” Hyland said in congratulating so many credit unions for exercising their right to contact their government and to voice their concerns and opinions.
Yesterday, March 26, the Board approved a proposal, which if enacted by Congress, would establish a Corporate Stabilization Fund and spread the costs of premiums and assessments over a period of up to 7 years. Hyland also pledged to continue reviewing other available alternatives to further mitigate the cost to credit unions.
“These are difficult and challenging times for credit unions. While the agency must take appropriate supervisory action to assure the National Credit Union Share Insurance Fund is protected, we must also explore alternatives that alleviate the impact on credit unions.”
For the full text of Hyland’s statement, click on the following link:
HYLAND'S STATEMENT
The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, also operates and manages the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of over 85 million account holders in all federal credit unions and the majority of state-chartered credit unions. |
