This story appeared in Bank Digest.
National Credit Union Administration Board Member Gigi Hyland said, “That is credit union grassroots at work,” in her response to the 1,400 credit unions that e-mailed her expressing their opinions about the NCUA Board’s 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 NCUA’s corporate stabilization efforts. Hyland noted that, on March 26, 2009, 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 seven 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.” https://www.ncua.gov/news/press_releases/2009/HylandStatement.pdf