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"Regulators seize two large corporate credit unions

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MrBankRoll Member Level Grandfathered Member Friday, 03/20/09 09:19:06 PM
Re: Investorman post# 179
Post # of 218 
"Regulators seize two large corporate credit unions

By John Letzing

Last update: 7:38 p.m. EDT March 20, 2009

SAN FRANCISCO (MarketWatch) -- The National Credit Union Administration Board said Friday it has placed two large corporate credit unions into conservatorship "to stabilize the corporate credit union system and resolve balance sheet issues." The NCUA said Lenexa, Kan.-based U.S. Central Federal Credit Union and San Dimas, Calif.-based Western Corporate were placed into conservatorship "to protect retail credit union deposits and the interest of the National Credit Union Share Insurance Fund." U.S. Central has roughly $34 billion in assets and WesCorp has $23 billion in assets, the NCUA said. Corporate credit unions are chartered to act as a sort of clearinghouse for credit unions serving consumers."

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