Last month the final sale of notes by the National Credit Union Administration (NCUA) took place, marking the end of its programme to resolve $50 billion of corporate credit union legacy assets, and forestall a failure of the US credit union system.
Credit unions serve 90 million customers in the US and account for about 10% of FDIC-insured deposits. They are seen as essential, alongside community banks, to serving small and medium-sized enterprises as the national banks grow ever larger, cut regional headquarters to save costs and turn their backs on smaller customers.
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