National Credit Union Administration acted quickly to reduce the total losses resulting from the failure of the five corporate credit unions—U.S. Central Corporate, Western Corporate, Southwest Corporate, Members United Corporate, and Constitution Corporate. NCUA worked with Congress and U.S. Treasury Department to establish the Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund) to protect the NCUSIF and …show more content…
National Credit Union Administration established bridge corporate credit unions in conservatorship to ensure the services provided to consumer credit unions continued during the resolution and transition period. National Credit Union Administration worked with members of the bridge corporate credit unions to transition services to new entities where possible.
As the National Credit Union Administration managed the corporate credit union crisis, the agency dealt with the declining prosperities of a number of consumer-owned credit unions. Consumer-owned credit unions in several regions depreciated as a result of spikes in home foreclosures, business failures, and unemployment. A number of these credit unions