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Article: NCUA's $5-Billion Corporate Rescue Weighs Heavily On Credit Unions.
- Article from:
- Credit Union Journal
- Article date:
- February 9, 2009
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Byline: Ed Roberts, Washington Bureau Chief
WASHINGTON-Opposition among credit unions was spreading last week to NCUA's plans to finance a rescue of the corporate credit union network with a $5-billion premium assessed all federally insured CUs.
James Blake, president of HarborOne CU, in Brockton, Mass., predicted the huge charge will cause even healthy credit unions like his own to reign in lending and other activities as they struggle to cope with a reduction in both net worth and in net income, at a time when credit unions can be helping their troubled members and communities.
"I have to think that those numbers of credit unions already on ...