NCUA Extends Deadline For Corporate Plans

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ALEXANDRIA, Va. – NCUA agreed this morning in the face of industry pressure to extend its deadline for corporate business plans another 90 days, until March 31.

“After receiving input from both corporate and natural person credit unions about the approaching deadline for submission of corporate business plans, NCUA has decided to extend the timeframe to March 31, 2011,” said NCUA Chairman Debbie Matz this morning. “I am mindful of the need to get this critical step in the reform process right the first time, and am pleased that the industry provided helpful and well-thought out input on the subject.”

NCUA, which is in the process of liquidating five corporates holding the vast majority of assets in the system, had imposed a year-end deadline on each of the 22 surviving corporates to provide it with a business plan describing its future. The short-term deadline has accelerated merger discussions among the corporates and prompted discussions on a future payment system CUSO. But leaders of the corporate system who met Saturday in Chicago told NCUA the December 31 deadline is too short a window to make comprehensive plans for both the system and its surviving individual corporates.

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Corporate credit unions