NCUA Media Advisory

Matz Statement Following Corporate Meeting

November 5, 2009 Alexandria, Va. – Following today’s meeting at the National Credit Union Administration between Chairman Debbie Matz, senior NCUA staff and 40 representatives from corporate credit unions, natural person credit unions and industry trade associations, Chairman Matz issued the following statement:

“I appreciated the willingness of the corporates, credit unions and their representatives to engage in a very substantive and wide-ranging discussion of issues relating to the treatment of corporate capital and the upcoming NCUA corporate rulemaking. The dialogue was constructive and, I believe, helped NCUA and all involved parties better understand the variety of issues and viewpoints before us."

"My intent is to immediately begin an analysis of the information received, take a fresh look at the capital depletion issue and its component parts, and make certain that NCUA is proceeding in a way that satisfies all legal, policy and accounting requirements. I am committed to ensuring that this review occurs in an expedited manner that will enable all stakeholders to move forward with full transparency of corporates’ financial statements and full confidence in the stability of the credit union industry.”

NCUA is the independent federal agency that regulates, charters and supervises federal credit unions. With the backing of the full faith and credit of the U.S. government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 90 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.

 

- NCUA -