Posts By: Thomas C. Davis

Considerations Related to NCUA Takeover of Corporates

RE: NCUA Takeover of US Central and Wescorp

In light of the NCUA’s takeover of U.S. Central and Wescorp, here are some points to consider:

The NCUA’s takeover and conservatorship of U.S. Central and Wescorp on March 20, 2009 has been talked about by many industry players for the last several weeks but has now become a reality. 

  1. We should all be a positive voice for the industry and promote calm, develop marketplace scenarios, and identify opportunities. This is a time for industry unity not fragmentation.
  2. There has never been a better time for credit union and industry collaboration and cooperation. Let’s reinforce the value of working together to create scalable platforms and solutions. 
  3. Even though NCUA’s action to conserve the two corporates seems to many to be an overreaction, let’s not be swept into the tyranny of anger and blaming. Let’s take the high road and focus our energy on developing solutions.
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