March 23, 2009
Statement from NASCUS President and CEO Mary Martha Fortney on Conservatorships of U.S. Central and WesCorp Federal Corporate Credit Unions
ARLINGTON, Va. On March 20, the NCUA placed two federal corporate credit unions under conservatorship, U.S. Central Corporate Federal Credit Union (US Central), Lenexa, Kan., and Western Corporate Federal Credit Union (WesCorp), San Dimas, Calif., to resolve balance sheet issues stemming from deteriorated mortgage and asset backed securities.
NASCUS President and CEO Mary Martha Fortney explains that state regulators and NCUA plan to meet today and later this week to discuss the impact of the conservatorship actions on the credit union system. State regulators and NCUA have met both in-person and by conference call regularly since September 2008 to address liquidity and other concerns in the credit union system.
"State regulators will continue their active dialogue with the federal regulator to ensure all regulatory options are carefully considered and actions coordinated in the most efficient manner," said Fortney. "State regulators are working with NCUA to mitigate any impact on the safety and soundness of both the corporate system and natural person credit unions."
NASCUS is the professional association of the 48 state and territorial agencies that charter, examine and regulate the nation's more than 3,300 state-chartered credit unions.
Kate Hartig, VP, Public Relations and Legislative Affairs, (703) 528-0669 or firstname.lastname@example.org