Regulators (US Gov.) takes over 2 credit unionsSubmitted by Hannah2 on Sat, 03/21/2009 - 03:16
U.S. takes over two credit unions after tests find vulnerability. U.S. Central Federal Credit Union and WesCorp have combined assets of $57 billion.
By Catherine Clifford, CNNMoney.com staff writer
Last Updated: March 20, 2009: 9:17 PM ET
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NEW YORK (CNNMoney.com) -- The federal government, in its latest effort to prop up the financial system, took over two big wholesale credit unions Friday with combined assets of $57 billion.
U.S. Central Federal Credit Union in Lenexa, Kan., and Western Corporate Federal Credit Union in San Dimas, Calif., were placed under conservatorship "to stabilize the corporate credit union system and resolve balance sheet issues," according to the National Credit Union Administration.
The administration is a federal agency that regulates, charters and supervises federal credit unions.
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