Weekly Corporate Credit Union Update – May 29, 2009

May 29, 2009, Alexandria, Va. – Normal operations continue without interruption at U.S. Central and WesCorp.  The following items specific to U.S. Central and WesCorp are of note:

An executive summary of the Valuation Report and Analysis of all private label mortgage backed securities completed by Clayton Fixed Income Services, Inc., is available to member credit unions, subject to a signed Non-Disclosure Agreement.  To date the corporate credit unions are successfully meeting member needs for the seasonal outflow of funds that normally occurs at this time of the year. All Corporate Credit Unions can participate in NCUA’s revised Temporary Corporate Credit Union Liquidity Guarantee Program and we anticipate that most intend to participate.Member communication and outreach efforts continue.  The following is a summary of communications efforts for each corporate credit union: U.S. Central – As part of its continuing efforts to ensure active and ongoing communication with member credit unions, U.S. Central has scheduled another liquidity call to ensure for next week.WesCorp – A series of town hall meetings are scheduled through June 9.  Future town hall meetings will take place in Vacaville, CA; Fresno, CA; Las Vegas, NV; San Francisco, CA; Tukwila, WA; Boise, ID; and Honolulu, HI.

Webinar - June 24, 2009
NCUA staff is finalizing recommended action for Board consideration to implement the recently passed Corporate Credit Union Stabilization Fund legislation.  NCUA will be hosting a webinar following the June Board meeting to discuss Board approved action and present guidance to the industry, as well as to provide participating credit unions an opportunity to submit questions to NCUA staff.  Specific details of the upcoming webinar will be provided in a subsequent general media release and will also be contained in weekly corporate credit union update releases.

The National Credit Union Administration charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the accounts of nearly 90 million account holders in all federal credit unions and the majority of state-chartered credit unions. NCUA is funded by credit unions, not federal tax dollars.