Regulators worked on Saturday to assess troubles at the largest U.S. corporate credit union with the aim of keeping liquidity flowing through the nation's 7,800 credit unions.
A new chief executive will take charge on Monday at U.S. Central Federal Credit Union following seizure by regulators on Friday. The institution, with $34 billion in assets, provides settlement services used by more than 90 percent of all U.S. credit unions, which are member-owned lending institutions.
The National Credit Union Administration, or NCUA, took control of U.S. Central as well as Western Corporate (WesCorp) Federal Credit Union of San Dimas, California, another corporate credit union with $23 billion in assets.
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