Southeast Corporate reacts to NCUA corporate plan; resources available
09/28/2010 04:59 pm
Southeast Corporate President/CEO Brad Miller attended the NCUA board meeting last Friday where the final corporate rule and legacy assets plan were announced. Miller sent a note to members saying, "we are generally pleased with the changes that were made and believe the regulation provides an appropriate balance of tighter controls to ensure the safety and soundness of the corporate system with the opportunity for corporates to continue to provide value to the credit unions they serve.
Southeast Corporate was among those considered "viable corporates" by the NCUA. Miller says he's been asked if the new rule will lead to a broker field day on credit union investments. “While some investment dollars will likely move off of corporate balance sheets to other alternatives, Southeast Corporate is well positioned with our Accolade Investment Advisory CUSO and our brokerage business to be able to continue to manage these investment dollars off balance sheet."
The LSCU has a page full of resources for credit unions on the NCUA corporate plan, legacy assets and the seizure of three corporate credit unions in Texas, Connecticut and Illinois. Visit the
Regulatory Resources page for talking points for staff and members and a list of talking points for boards. There is also NCUA DVDs on understanding the corporate restructuring. The NCUA held a virtual Town Hall Meeting Monday on the corporate plan. The slideshow is also linked on the Regulatory Resource page.