CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » N.D. Senators, credit unions call for proper asset recovery
Policy & Issues

N.D. Senators, credit unions call for proper asset recovery

August 30, 2022
DCUA1

Sens. John Hoeven, R-N.D., and Kevin Cramer, R-N.D. joined the Dakota Credit Union Association and credit unions calling on NCUA to ensure credit unions in the state properly recover assets from the failed U.S. Central Federal Credit Union corporate credit union. NCUA implemented the Corporate Stabilization Program in 2009 in response to investment losses at U.S. Central, as well as placing it into conservatorship.

“Here in North Dakota, we have lost 16 credit unions through mergers since 2009. Clearly, the lost revenue, shared insurance premium assessments, and ensuing regulations contributed to the consolidations. The reimbursements of the capital shares would certainly benefit every one of these credit unions and their member owners,” said Jeff Olson, president/CEO of the Dakota Credit Union Association. “The NCUA needs to do the right thing and disburse these recovered assets to the rightful owners.”

Hoeven and Cramer support the efforts of the Dakota Association to recover assets.

“We encourage you to stay in close communication with the Dakota Credit Union Association as they work through the claims process to ensure all proper claims are satisfied to the greatest extent possible, and that these recovered assets are returned to their rightful owners of these recovered assets,” they wrote.

NCUA announced a $395 million distribution Monday that includes $313 million to membership and paid in capital shareholders of the former U.S. Central, as well as Members United, and Constitution corporate credit unions.

Credit Union Magazine: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • House passes CUNA, League-led board modernization bill

  • CFPB issues CUNA-opposed proposal on credit card late fees

  • Key committee leaders supportive of credit union priorities

Tweets by CUNA_News

Polls

Vote for the 2023 CU Hero of the Year

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us