NCUA Media Release

Matz Sets Corporate Meeting; Capital, Rulemaking on Agenda

Scheduled for November 5 at NCUA Headquarters

October 16, 2009 Alexandria, Va. – National Credit Union Administration Chairman Debbie Matz today scheduled a specially focused meeting on November 5 at 2 p.m. to discuss the status of corporate credit unions’ capital accounts and other issues related to corporate credit unions.

Speaking today at the Association of Corporate Credit Unions Annual Meeting in Dallas, Texas, Chairman Matz invited all corporate credit unions and their trade associations to attend the meeting at NCUA headquarters in Alexandria, Va.

During her speech to ACCU members, Matz recognized that “many of you believe that there should be some mechanism within the corporate structure to allow contributed capital accounts to be replenished if losses don’t fully materialize as projected. I’ve gotten the message loud and clear that this is a concern. So I have asked senior NCUA staff to participate with corporates in a special meeting on this issue.”

Matz timed the meeting with corporates to take place two weeks before the regularly scheduled meeting of the NCUA Board on November 19. She reaffirmed plans for the Board meeting agenda to include a proposed rule to strengthen corporate credit union regulations.

“The credit union system needs to be the example, not the exception, when it comes to following standards in financial reporting and the application of legal and regulatory requirements,” Matz maintained.

As she and senior NCUA staff did during three recent town hall meetings, Matz today outlined a framework for the proposed corporate credit union rule and welcomed feedback from all industry stakeholders.

Matz has also scheduled a “Virtual Town Hall Meeting” via webinar on October 22 from 3:00-4:30 p.m. All interested parties can register for the free webinar at the following link: http://event.on24.com/r.htm?e=168645&s=1&k=BB603F89ED6DF99EC86CE7EA27F7E92B

 

 

The National Credit Union Administration is the independent federal agency that regulates charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, also 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 majority of state-chartered credit unions.

 

- NCUA -