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Article: NCUA postpones decision to liquidate or allow merger of Maryland credit union. (National Credit Union Administration to decide fate of Capital Corporate Federal Credit Union) (Brief Article)
- Article from:
- American Banker
- Article date:
- January 30, 1995
- Author:
CopyrightCOPYRIGHT 1995 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON - The Credit union industry's regulator postponed a decision Friday on the fate of a large, specialty credit union until early this week.
The National Credit Union Administration, led by Norman E. D'Amours, met Friday to decide whether to liquidate Capital Corporate Federal Credit Union or allow it to merge with a California corporate credit union.
Capcorp, based in Lanham, Md., is facing a liquidity crunch caused by unrealized losses totalling more than twice its capital. The paper losses were generated by its heavy investments in collateralized mortgage obligations, one kind of derivative.
The CMOs dropped in value and Capcorp could not ...