Federation supports access to TARP.The National Federation of Community Development Unions has waded into the controversy over how the NCUA NCUA National Credit Union Administration (US government) NCUA Nbcs Control Unit Atm should handle the losses at corporate credit unions and has come down firmly in the camp of taking government help. Meeting in Washington during CUNA's Governmental Affairs Conference, the National Federation Board passed a resolution in favor of making funds from the Troubled Asset Relief Program available to struggling credit unions. [ILLUSTRATION OMITTED] "We are concerned about the consequences of reduced net worth and return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). that would necessarily result from the measures that the National Credit Union Administration The National Credit Union Administration (NCUA) is responsible for chartering, insuring, supervising, and examining federal credit unions (FCUs) and for administering the National Credit Union Share Insurance Fund. has proposed," said National Federation CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Cliff Rosenthal. In addition, the board also passed resolutions in favor of giving corporate credit unions direct access to the Central Liquidity Facility and spreading share insurance premiums out for as long as eight years. "These actions will help all credit unions," Rosenthal said. "However, it is important to recognize that small and low-income credit unions are especially vulnerable during this crisis. In 2008, the pace of liquidations and mergers of low-income credit unions doubled, and far exceeded that of the rest of the credit union industry. If this trend continues, the capacity our credit unions have painstakingly pains·tak·ing adj. Marked by or requiring great pains; very careful and diligent. See Synonyms at meticulous. n. Extremely careful and diligent work or effort. built up over the last 30 years will be dismantled, leaving many low-income communities with little or no access to affordable financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. ." --dmorrison@cutimes.com |
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