EconomicsUSA: Credit Unions: Three local credit unions bellied-up by Feds
MARKET PULSE
Government takes over three credit unions
WASHINGTON (MarketWatch) - The federal government on Friday seized three undercapitalized wholesale credit unions -- Members United Corporate Federal Credit Union of Warrenville, Ill.; Southwest Corporate Federal Credit Union of Plano, Tex.; and Constitution Corporate Federal Credit Union of Wallingford, Conn.-- and unveiled a package of regulations affecting the industry. The new rules include a program to have the institutions pay annual fees to cover the losses on a $50 billion portfolio of toxic mortgage securities losses on the group of undercapitalized corporate credit unions. Last year, in March 2009, the National Credit Union Administration, the regulator for federal credit unions, took control of two credit unions.
-- EconoMix
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