Regulators!!!!!!!

[Mr. Shaman]

"U.S. regulators seized three corporate credit unions on Friday and will repackage about $50 billion in troubled assets from these and previous seizures to sell on the open market.

The National Credit Union Administration said the three corporate credit unions, which provide clearing services to retail credit unions, were critically undercapitalized.

"This approach is best for taxpayers, consumers and credit unions," NCUA Chairman Debbie Matz said.

Matz said the agency also put in place on Friday regulations requiring corporate credit unions to hold higher levels of capital and setting risk limits.

The wholesale credit unions have experienced more troubles than their retail counterparts because they did not face the same restrictions on permitted investments, leading to big losses during the financial crisis.

The seizure of the five firms will ultimately cost the indu$try between $7 to $9 billion, she said, and NCUA will collect this amount from credit unions over the next 10 years. Taxpayers will not have to foot any of the billhttp://www.reuters.com/article/idUSTRE68N52920100924, she added.

She also said credit union customers will not be affected. "This will be invisible to the consumer."

 

[Jeremy]

[ame=http://www.youtube.com/watch?v=1plPyJdXKIY&ob=av2e]YouTube - Warren G - Regulate ft. Nate Dogg[/ame]

 

[RadiomanATL]

YouTube - Warren G - Regulate ft. Nate Dogg

Beat me to it.


Regulators!


...mount up....