Costs Of Corporate Meltdown Spreading

Credit Union Journal Daily Briefing  |  Wednesday, March 10, 2010

ALEXANDRIA, Va. – Last week’s disclosure of the elimination of all capital at U.S. Central FCU means more losses are going to start trickling down to corporate credit unions and to their natural person credit union members in the coming days.

The depletion of the corporates’ capital began in 2008, continued through 2009 and is expected to continue through this year, as illustrated in the more than 500 comment letters received by NCUA on its corporate rule proposal. This comes as NCUA is preparing to charge another assessment for the corporate credit union bailout.