ALEXANDRIA, Va.-NCUA Assistant Director of Public Affairs David Small had earlier told Credit Union Journal that if a corporate fails to raise the necessary capital, the agency will begin the process of winding it down.
"NCUA will wait to hear the final results of the capital raises in order to give every credit union the opportunity to decide on whether they choose to support the member-driven solution, or transition their services to another service provider.
"If a corporate is wound down, NCUA said it will work to implement contingency plans that have the least impact on members, with the goal of limiting-as much as possible-the costs to the Corporate Stabilization Fund. "As we did with the September 2010 actions, NCUA will be communicating with credit unions throughout the coming phases of the resolution plan. In the interim, credit unions can be assured that services at these entities will continue uninterrupted."
