Board Member Hyland’s Statement on the
Corporate Stabilization Program
Alexandria, VA, February 4, 2009 – “Last Wednesday, NCUA took necessary, but unprecedented steps to stabilize the corporate credit union system. The actions were taken to preserve confidence in the corporate system and allow NCUA, natural person credit unions, and corporate credit unions to effectively manage this situation.
I understand that the actions come with considerable costs to natural person credit unions. While I believe the steps taken currently represent the least-cost alternative to the credit union system, all other reasonable alternatives to fund the corporate stabilization program and potentially reduce the premium assessment on natural person credit unions must be considered and actively pursued. The timing of the premium assessment for later this year affords NCUA and the credit union system an opportunity to explore and pursue such alternatives.”
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.
-NCUA-
|
