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Corporate Credit Union Information Center

This page contains useful information on corporate credit unions and the current plans for stabilization by the National Credit Union Administration. Please contact DCUL League president Patrick Mahaney pat@dcul.org with any questions you may have.

Delaware Credit Union Corporate Stabilization Resource Center

On September 24‚ 2010‚ the National Credit Union Administration (NCUA) took steps to further help stabilize the corporate credit union system. Two key actions were taken:

Three undercapitalized corporate credit unions were placed into conservatorship: Members United Corporate Federal Credit Union of Warrenville‚ Illinois; Southwest Corporate Federal Credit Union of Plano‚ Texas; and Constitution Corporate Federal Credit Union of Wallingford‚ Connecticut.
A plan was developed to securitize the impaired assets through a multi-step approach:
- Isolate the impaired securities (legacy assets);
- Repackage the legacy assets into new securities with an NCUA guarantee backed by the full faith and credit of the U.S. government;
- Issue the new securities to investors on the open market;
- Transfer the corporates’ still-valuable assets to newly created “bridge banks”; and
- Transition operations now under NCUA conservatorship over a target 24 months to other service providers.

This website has been developed as a resource to aggregate some of the key information in an effort to assist credit unions in remaining updated on developments related to this action. The approach of the website is to provide talking points and other communications that can be shared with specific audiences‚ as indicated. Also‚ you will find links and related information. Please check back often as this site will be updated regularly as new information becomes available.

We realize that this is a challenging time and that credit union leadership will be faced with many concerns and questions over the coming weeks and months.

Thank you,
Delaware Credit Union League

Communicating with Members Talking Points — 9/27/10 What has happened Q&A — 9/27/10 Sample letter from the CEO — 9/27/10 America's Credit Unions: Secure, Strong — 9/27/10	Communicating with Staff What has happened Q&A — 9/27/10 Talking Points — 9/27/10
Communicating with Boards of Directors Board Talkers What has happened Q&A — 9/27/10	Communicating with Sponsor Organizations Talking Points — 9/27/10 What has happened Q&A — 9/27/10
Communicating with Civic Leaders/Government Officials Talking Points — 9/27/10 What has happened Q&A — 9/27/10 America's Credit Unions: Secure‚ Strong — 9/27/10	Communicating with Media Q&A/Soundbites — 9/27/10 What has happened Q&A — 9/27/10 America's Credit Unions: Secure‚ Strong — 9/27/10 Delaware Credit Union Profile Report — As of June 2010

Other Resources

NCUA corporate system resolution website — 9/27/10
NCUA understanding the corporate crisis presentations — 9/27/10