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Member Deposits Protected up to $250,000 and Consumer Service Hotline Open

ALEXANDRIA, Va. (Sept. 28, 2012) – The National Credit Union Administration (NCUA) today liquidated El Paso’s Federal Credit Union (EPFCU) of El Paso, Texas. NCUA made the decision to liquidate EPFCU and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

EPFCU member deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000. NCUA’s Asset Management and Assistance Center will transfer certain share accounts to El Paso Area Teachers Federal Credit Union of El Paso, Texas. El Paso Area Teachers Federal Credit Union is a full-service credit union with $471 million in assets and serves approximately 55,000 members.

For non-transferred accounts, NCUA’s Asset Management and Assistance Center will issue checks to individuals holding verified accounts in the credit union within one week.

Members with additional questions about their insurance coverage may contact NCUA’s Consumer Service hotline toll free at 800-755-1030. The center answers calls Monday through Friday between 6 a.m. and 3 p.m. (Mountain). Individuals may also visit the MyCreditUnion.gov (opens new window) website at any time for more information about their insurance coverage.

EPFCU served 1,035 members and had deposits of approximately $5 million, according to the credit union’s most recent Call Report. Originally chartered as El Paso Smelter Federal Credit Union in 1952, EPFCU was a full-service financial institution serving employees of American Smelting and Refining Company, select employee groups, and other affinity groups at the time of closure.

EPFCU is the ninth federally insured credit union liquidation in 2012.

Depósitos de los socios asegurados hasta al menos $250,000; El Centro de asistencial al consumidor está abierto

ALEXANDRIA, Va. (28 de Septiembre del 2012) – La Administración Nacional de Cooperativas de Ahorro y Crédito (NCUA) liquidó hoy la Cooperativa de Ahorro y Crédito El Paso’s (El Paso’s FCU), una cooperativa de ahorro y crédito con seguro y licencia federal ubicada en El Paso, TX. NCUA tomó la decisión después de determinar que la cooperativa de ahorro y crédito era insolvente y no tenía ningún prospecto de restaurar sus operaciones viables.

Los depósitos de los socios de EPFCU permanecen asegurados por el Fondo Nacional de Seguro de Depósitos de Cooperativas de Ahorro y Crédito (NCUSIF) hasta al menos $250,000. El Centro de Asistencia y Administración de Activos de la NCUA transferirá ciertas cuentas a El Paso Area Teachers Federal Credit Union del Paso, Texas. El Paso Area Teachers Federal Credit Union es una cooperativa de ahorro crédito de servicios completo con $471 millones en activos y sirve a aproximadamente 55,000 socios.

Para las cuentas que no fueron transferidas, el Centro de Asistencia y Administración de Activos de la NCUA emitirá cheques a socios que posean cuentas verificadas en la cooperativa de ahorro y crédito dentro de una semana.

Los socios con preguntas adicionales sobre la cobertura de seguro pueden llamar gratis al Centro de Asistencia al Consumidor de la NCUA al 800-755-1030. El Centro de Asistencia al Consumidor responde a las llamadas entre las 6 a.m. y 3 p.m., horario de montaña. Los socios también pueden visitar el sitio web espanol.mycreditunion.gov (opens new window)a cualquiera hora para obtener más información sobre la cobertura de seguro.

De acuerdo con su último informe financiero, El Paso’s FCU sirvió a 1,035 socios y tenía depósitos de aproximadamente $5 millones. Originalmente autorizado en 1952 como la Cooperativa de Ahorro y Crédito El Paso Smelter, EPFCU era una cooperativa de ahorro y crédito con servicios completos que sirvió a los empleados de American Smelting and Refining Company, selectos grupos de empleados, y otros grupos de afinidad cuando se cerró.

EPFCU es la novena cooperativa de ahorro y crédito con seguro federal liquidada en 2012.

Member Deposits Protected up to $250,000; Member Service Uninterrupted

ALEXANDRIA, Va. (Oct. 1, 2012) – The National Credit Union Administration (NCUA) and the Colorado Division of Financial Services today announced the unassisted merger of Trinity Credit Union of Trinidad, Colo., with Power Credit Union of Pueblo, Colo.

The accounts of the new Power Credit Union members remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. The new Power Credit Union members will experience no interruption in services.

Previously, the Colorado Division of Financial Services placed Trinity Credit Union into conservatorship July 27 and appointed NCUA as conservator. The merger occurred without assistance from the National Credit Union Share Insurance Fund.

Power Credit Union is a state-chartered, federally insured community credit union, which opened in 1938. Before the merger, Power Credit Union had $82.2 million in assets and nearly 11,400 members. As part of the merger, Power Credit Union will maintain a branch in Trinidad.

Trinity Credit Union had nearly 1,200 members and approximately $4.1 million in assets at the time of the merger. Chartered in 1939, Trinity Credit Union served the residents of Las Animas County, Colo.

Depósitos de los socios están asegurados hasta al menos $250,000; Servicios a los socios continúan sin interrupciones.

Alexandria, Va. ( 1ro de Octubre del 2012)– La Administración Nacional de Cooperativas de Ahorro y Crédito (NCUA) y la División de Servicios Financieros de Colorado anunciaron hoy la fusión sin asistencia de la Cooperativa de Ahorro y Crédito Trinity (Trinity CU) de Trinidad, Colo con la Cooperativa de Ahorro y Crédito Power (Power CU).

Los depósitos de los nuevos socios de Power CU permanecen protegidos por el Fondo Nacional de Seguro de Depósitos de Cooperativas de Ahorro y Crédito (NCUSIF) hasta al menos $250,000. Los nuevos socios de Power CU no experimentaran ninguna interrupción en los servicios.

Previamente el 27 de Julio, la División de Servicios Financieros de Colorado colocó Trinity CU en sindicatura y designó a la NCUA como síndico. La fusión ocurrió sin la asistencia del NCUSIF.

Power CU es una cooperativa de ahorro y crédito con seguro federal y con licencia del estado de Colorado, que abrió sus puertas en 1938. Antes de la fusión, Power CU tenía $82.2 millones en activos y cerca a 11,400 socios. Como parte de la fusión, Power CU mantendrá una sucursal en Trinidad.

En el momento de la fusión Trinity CU tenía cerca de 1,200 socios y aproximadamente $4.1 millones en activos. Autorizada en 1939, Trinity CU sirvió a residentes del condado Las Animas, Colo.

Board Action Bulletin

Board Also Proposes Extending Low-Income Designation Deadline to 90 Days

ALEXANDRIA, Va. (Oct. 18, 2012) – The National Credit Union Administration (NCUA) Board convened its sixth open meeting in 2012 at the agency’s headquarters here today and unanimously approved two items:

The Board also received a briefing on the financial condition of the National Credit Union Share Insurance Fund (NCUSIF) and the Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund). The total assets in CAMEL code 3, 4 and 5 credit unions fell by $10.7 billion during the third quarter as the NCUSIF equity ratio rose to 1.32 percent as of Sept. 30. The Stabilization Fund’s total liabilities and net position rose by $800 million to $1.7 billion during the quarter.

Troubled Credit Union Count Falls, as NCUSIF and Stabilization Fund Stay Stable
Chief Financial Officer Mary Ann Woodson briefed the Board on the financial performance of the NCUSIF and the Stabilization Fund through Sept. 30, as well as the count of troubled credit unions.

“The steady decline in the number of troubled credit unions and the continued improvements in the performance of the NCUSIF are a direct result of a recovering economy, the prudent actions of credit unions, and careful supervision by NCUA and state regulators,” NCUA Board Chairman Debbie Matz said. “Significantly, the percentage of assets in CAMEL code 3, 4 and 5 credit unions dropped to the lowest levels since 2008.”

The NCUSIF equity ratio was 1.32 percent as of Sept. 30, which is above the normal operating level of 1.3 percent set by the Board. The ratio is based on an insured share base of $834.2 billion as of June 30.

The number of CAMEL code 3, 4 or 5 credit unions fell by 57 from the previous quarter. Overall, 15.1 percent of all federally insured credit union assets were in CAMEL code 3, 4 or 5 institutions, resulting in a one-percentage-point improvement from the end of the second quarter.

CAMEL code 4 and 5 credit unions decreased by 17, for a total of 382 as of Sept. 30. Assets and shares were $26.3 billion and $23.5 billion, respectively. As a percentage, CAMEL code 4 and 5 credit unions represented 2.8 percent of total insured shares.

CAMEL code 3 credit unions decreased by 40, for a total of 1,639 as of Sept. 30. Assets and shares were $131.0 billion and $116.5 billion, respectively. CAMEL code 3 credit unions represented 14.0 percent of the total insured shares as of Sept. 30.

For the third quarter of 2012, the NCUSIF reported gross income of $53.6 million and operating expenses of $38.7 million. The fund also reduced its reserve for insurance losses by $147.2 million, resulting in an increase in net income. The NCUSIF had net income of $162.1 million for the quarter and $167.6 million year-to-date through Sept. 30.

There have been 16 consumer credit union failures in 2012. Seven were assisted mergers, and nine were involuntary liquidations, of which six were assisted purchase and assumptions. The cost of these failures through Sept. 30 was $95.7 million.

As of Sept. 30, the total liabilities and net position of the Stabilization Fund was $1.7 billion, more than $800 million higher than June 30. The fund continued to have $3.2 billion in outstanding U.S. Treasury borrowings.

The Stabilization Fund billed $792.5 million from a special premium assessment in September. The fund received $19.6 million in guarantee fees during the third quarter and more than $61.4 million year-to-date through Sept. 30. As a result, the Stabilization Fund had net operating income of $810.3 million for the quarter and $897.7 million through Sept. 30.

The 2012 financial data for the NCUSIF and the Stabilization Fund is preliminary and unaudited.

Extended Low-Income Credit Union Designation Acceptance Timelines Proposed
Hundreds of credit unions around the country have indicated an interest in securing the low-income designation, but the current 30-day acceptance deadline in NCUA’s current regulations could be an unnecessary obstacle for some. To address this situation, the Board approved a proposed rule to extend that deadline to 90 days.

“The proposed rule change is in keeping with NCUA’s overall goal of providing regulatory relief and with the policy of continual review of regulations to update, clarify or simplify them,” Chairman Matz said. “This latest action is just one of many ways NCUA is working to cut red tape and ease regulatory burdens through my Regulatory Modernization Initiative.”

Under existing regulations, credit unions that receive notification from NCUA of eligibility for the low-income designation have 30 days to notify the agency they wish to accept. However, a credit union may need more than 30 days to analyze whether accepting the designation is desirable and obtain approval from the credit union’s board of directors. Given the potential benefits that flow from the low-income designation, Chairman Matz said credit unions should have sufficient time to properly assess whether to accept and complete their internal approval processes.

The Board issued the proposed rule with a 30-day comment period, once published in the Federal Register.

Community Charter for BMI Federal Credit Union Approved
The Board approved the application of BMI Federal Credit Union to convert to a community charter from a multiple common bond charter. Chartered in 1936, the credit union currently has more than 27,000 members and $378.6 million in assets.

Located in Dublin, Ohio, the credit union originally served the employees of the Battelle Memorial Institute, a research and development center. As a result of the conversion, BMI Federal Credit Union will serve the eight counties in the Columbus MSA with a combined population of 1.8 million. The credit union plans to serve residents in the vicinity who want the services of a credit union, but who do not have access to them. The Columbus MSA includes 145 U.S. Census tracts, with nearly 500,000 residents, which would qualify as underserved areas.

Board approval was required as the Columbus MSA has a population greater than 1 million.

The NCUA tweets all open Board meetings live. Follow @TheNCUA (opens new window) on Twitter, and access Board Action Memorandums and NCUA rule changes at www.ncua.gov. The NCUA also live streams, archives and posts videos of open Board meetings online.

Board Action Bulletin

The NCUA Board voted unanimously to delegate to the Director of the Office of Corporate Credit Unions the authority to place U.S. Central Bridge Federal Credit Union into involuntary liquidation.

The NCUA Board voted unanimously to authorize the Director of the Office of Corporate Credit Unions to approve the sale of select assets and shares of First Corporate Credit Union to Catalyst Corporate Federal Credit Union.

The NCUA Board unanimously approved the Selection of Mark Treichel as the Executive Director.

The NCUA considered one supervisory matter that remains confidential at this time.

The NCUA considered one Charter and Purchase and Assumption Request that remains confidential at this time.

The NCUA tweets all open Board meetings live. Follow @TheNCUA (opens new window) on Twitter, and access Board Action Memorandums and NCUA rule changes at www.ncua.gov. The NCUA also live streams, archives and posts videos of open Board meetings online.

Matz: Corporate Credit Union System Now on a “Solid Foundation”

ALEXANDRIA, Va. (Oct. 29, 2012) – Completing three years of efforts to stabilize the corporate credit union sector, the National Credit Union Administration (NCUA) today closed U.S. Central Bridge Corporate Federal Credit Union (U.S. Central Bridge). The agency also used the closing to remind credit unions of the need to address their emergency liquidity needs.

“Closing U.S. Central Bridge is the last step in the effort to stabilize and reform a corporate credit union system that was close to collapsing three years ago,” NCUA Board Chairman Debbie Matz said. “Decisive actions by both NCUA and credit unions brought the system back from the brink. It wasn’t easy, and it required sacrifices, but there was no interruption of service to members while we overcame the worst economic crisis since the 1930s.”

“We now have a stronger, safer system,” Chairman Matz added. “We have set high standards for corporate credit union investments, capital and governance, and we’ve created a new operating environment for wholesale corporate credit unions to serve retail credit unions. The decisions NCUA and credit unions made have produced a solid foundation for the future.”

Chartered in October 2010, the Lenexa, Kansas-based U.S. Central Bridge assumed operations of U.S. Central Federal Credit Union (U.S. Central) to maintain continuity of services to corporate credit union members, prevent disruption to the credit union system, and protect consumers.

Founded in 1974, U.S. Central was once the largest corporate credit union. However, it was part of a group of five corporate credit unions devastated by losses incurred through the purchase of faulty mortgage-backed securities (MBS) in the years preceding the financial crisis that began in 2008. NCUA placed U.S. Central into conservatorship in March 2009, and the credit union was subsequently transitioned into U.S. Central Bridge.

To lower the Temporary Corporate Credit Union Stabilization Fund assessments that credit unions will need to pay to cover the losses in the corporate system, NCUA has to date initiated eight legal actions against seven Wall Street securities firms that packaged and sold faulty MBS products to the failed corporates, alleging misrepresentation of their risk. NCUA has separately settled with three other firms for more than $170 million.

Credit Unions Plan for Access to Emergency Liquidity

With the closing of U.S. Central Bridge, NCUA is also planning emergency liquidity options for credit unions. Most retail credit unions had access to emergency liquidity from the Central Liquidity Facility (CLF) by belonging to a corporate credit union that was part of the CLF agent group headed by U.S. Central Bridge.

U.S. Central Bridge held stock in NCUA’s CLF on behalf of all natural person credit unions that are members of a corporate but not a direct member of the CLF. As part of the closure, U.S. Central Bridge redeemed its CLF stock and the agent group is now no longer providing CLF coverage for member natural person credit unions. As a result, credit unions and their corporates no longer have the CLF as a source of backup liquidity, unless they join the CLF directly.

In July, NCUA’s Board issued for 60-day comment a targeted proposed rule (new Section 741.12) to require credit unions to plan for emergency liquidity. The proposed rule incorporates a three-tiered approach, based on the size of the federally insured credit union:

Credit unions under $10 million in assets would have to maintain a written liquidity policy approved by their board. The policy would provide a basic framework for managing liquidity and have a list of contingent liquidity sources for use in emergency situations.
Credit unions with more than $10 million in assets would have to establish a formal contingency funding plan that clearly sets out strategies for addressing liquidity shortfalls in emergency situations. Credit unions with more than $100 million in assets would have to demonstrate access to at least one of the following three options for a backup federal liquidity source: becoming a direct member of the CLF; becoming an indirect CLF member through a CLF agent; or establishing direct borrowing access to the Federal Reserve’s Discount Window. “Credit unions have access to everyday liquidity needs through their balance sheet, and through correspondent relationships such as corporates or Federal Home Loan Banks,” Chairman Matz noted. “But in the event of another systemic crisis, it is also critical for larger credit unions to have demonstrated access to a dependable source of government-backed emergency liquidity, such as NCUA’s CLF or the Federal Reserve Discount Window. That’s why the NCUA Board proposed the emergency liquidity rule.”

NCUA staff is now reviewing the 45 comments received on the proposed “access to emergency liquidity” rule in order to develop a recommendation for further action. Credit union executives, managers, and directors may learn more about the benefits of the CLF by watching a video on NCUA’s YouTube channel at http://tinyurl.com/9ly9zn4. For information about how to join the CLF, go to here.

Member Deposits Protected up to $250,000 and Consumer Service Hotline Open

Board Action Bulletin

NCUSIF Premium and Stabilization Fund Assessment Ranges Announced; “Realistic, Responsible, Prudent” Annual Budget Approved 

ALEXANDRIA, Va. (Nov. 15, 2012) – The National Credit Union Administration (NCUA) Board convened its seventh open meeting of 2012 at the agency’s headquarters here today. Board members received updates on the performance of the National Credit Union Share Insurance Fund (NCUSIF) and Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund), revealed 2013 premium and assessment ranges, and unanimously approved three items: 

• A budget of $251.4 million to fund NCUA’s activities in 2013 with no increase in the size of the workforce. The rate of the budget increase is slower than the credit union industry’s asset growth.

• A 2013 Overhead Transfer Rate of 59.1 percent—virtually unchanged from 2012—to fund operations related to the NCUSIF for 2013; and

• A 2013 federal credit union Operating Fee scale increase of less than a quarter percent that also exempts all federal credit unions with assets below $1 million.

Outlook Positive for NCUSIF and Stabilization Fund

At the meeting, NCUA Board Chairman Debbie Matz and Board member Michael Fryzel received the 2013 projections for NCUSIF premiums and Stabilization Fund assessments that indicate an improving economic environment for credit unions.

“The data we see reflect the improving health and stability of the credit union industry,” Chairman Matz said. “While the demands on the Share Insurance Fund in 2013 will be determined by many economic factors and by possible unforeseeable losses, the most likely scenario we project would result in an equity ratio for the Share Insurance Fund at just under 1.30 percent of insured shares by the end of next year. That would mean there would be no need for a premium.”

NCUA projects an NCUSIF premium range between zero to 5 basis points in 2013. NCUA also projects a Stabilization Fund assessment range of 8 to 11 basis points in 2013.

For the Stabilization Fund, NCUA has now retired all $5.5 billion in medium-term notes representing obligations of failed corporate credit unions. The primary remaining obligation of the Stabilization Fund is the outstanding $5.1 billion in U.S. Treasury borrowings. The projected 2013 Stabilization Fund assessment will be used to repay between $705 million to $969 million of this outstanding balance.

To date, credit unions have paid $4.1 billion through prior assessments for losses in the corporate credit union system. Currently, total future assessments are projected to range between $1.9 billion and $4.8 billion over the remaining life of the Stabilization Fund, which expires in 2021. The NCUA Board anticipates setting the 2013 assessment amount next summer, with the collection due by October 2013.

“Multiple economic factors will dictate next year’s Stabilization Fund assessment, so some uncertainty still exists about the 2013 level,” Chairman Matz added. “To minimize the total future assessments that credit unions will need to pay, NCUA continues to hold accountable and seek recoveries from the Wall Street securities firms that sold the faulty mortgage-backed securities to the five failed corporate credit unions.”

Although NCUA has provided the 2013 premium and assessment ranges to assist credit unions with budgeting projections, the actual premium or assessment level remains subject to change based on a variety of factors:

• For the NCUSIF, factors influencing the 2013 premium include growth in insured shares, yield on NCUSIF investments, and the timing and amount of any credit union failures that represent a cost to the NCUSIF.  

• For the Stabilization Fund assessment, the Board must determine the strategy of assessments, balancing the repayment of the Treasury borrowings with the timing of cash flows from the remaining legacy assets. Factors affecting the decision are the projected amount of available borrowing authority, the performance of the NCUA Guaranteed Notes, the impact of the assessments on federally insured credit unions, and the overall borrowing costs to the system.

2013 Budget Holds the Line on Staffing Levels

The Board also approved a 2013 budget with no increase in total employees. The $251.4 million budget is 6.1 percent increase from 2012, a rate slower than the projected 6.5 percent increase in industry assets.

“This is a realistic, responsible and prudent budget. It’s a sound investment for credit unions to protect their bottom lines and the Share Insurance Fund from any industry losses,” Chairman Matz said. “As the industry’s assets grow and credit unions engage in increasingly complex activities, NCUA must keep pace. We held the line in this budget with no increase in authorized staffing levels from 2012, and we reaffirmed our commitment to keeping costs under control by engaging in zero-based budgeting where every projected expense is justified.”

The budget assumes normal inflationary increases, as well as a conditional pay adjustment should Congress approve the President’s request for a pay increase for all federal employees. In compliance with the terms of NCUA’s Collective Bargaining Agreement with the National Treasury Employees Union, the budget indexes pay adjustments against changes to the General Schedule pay scale. The amount for pay and benefits may ultimately decrease in the Board’s mid-session budget review if the federal pay raise does not become law.

Other significant budgetary changes in the 2013 NCUA budget include: 

• Travel expenses increase by 2.9 percent, which is significantly below the average annual 15 percent increase over the last five years.

• Administrative expenses increase by 1 percent to cover access to advanced analytical tools and supply needs.

• Rent, communications and utilities expenses decrease by 3.3 percent.

• Contracting service expenses increase by 4.9 percent to improve webhosting, application support, and risk analysis and modeling.

Overhead Transfer Rate Stays Steady

The Board approved a recommendation from the Office of Examination and Insurance for an Overhead Transfer Rate (OTR) of 59.1 percent, a level slightly below the 2012 OTR of 59.3 percent. The overhead transfer from the NCUSIF covers expenses associated with NCUA’s insurance-related activities.

In 2013, NCUA plans to review and evaluate the definitions used for insurance-related versus regulatory-related activities. NCUA will contract with an independent outside source to review the agency’s work on the definitions and their use in determining the OTR in future years. This initiative is consistent with the NCUA’s Board desire to ensure fairness to all credit unions, both federal and state charters, in the application of the OTR. An updated methodology may be completed in time for the Board to consider for the 2014 budget cycle.

2013 Operating Fee Exempts Credit Unions under $1 Million

The Board approved a 2013 Operating Fee scale that exempts 328 federal credit unions with less than $1 million in assets. Since 1996, NCUA had waived the operating fee for federal credit unions with less than $500,000 in assets. NCUA uses the Operating Fee to pay for the costs of regulating federal credit unions.

A projected $2.5 million reduction in NCUA’s 2012 operating budget helped hold the 2013 Operating Fee increase to less than one-quarter of one percent, while maintaining cash reserves for contingencies. Assets of federal credit unions are projected to grow by 6.5 percent by the end of 2012. Thus, the asset level dividing points for the 2013 Operating Fee increased by 6.5 percent, as well. NCUA will bill federal credit unions the 2013 Operating Fee at a later date. The Operating Fee will be due before April 30, 2013.

The NCUA tweets all open Board meetings live. Follow @TheNCUA (opens new window) on Twitter, and access Board Action Memorandums and NCUA rule changes at www.ncua.gov. The NCUA also live streams, archives and posts videos of open Board meetings online.

Member Deposits Protected up to $250,000 and Consumer Service Hotline Open

ALEXANDRIA, Va. (Nov. 30, 2012) – The Vermont Department of Financial Regulation today closed the Border Lodge Credit Union of Derby Line, Vt., and appointed the National Credit Union Administration (NCUA) as liquidating agent.

Border Lodge Credit Union member deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000. Members with questions about their insurance coverage may contact NCUA’s Consumer Assistance Center toll free at 800-755-1030. The center answers calls Monday through Friday between 8 a.m. and 5 p.m. (Eastern). Individuals may also visit the MyCreditUnion.gov website at any time for more information about their insurance coverage.

Originally chartered in 1963, Border Lodge Credit Union was a state-chartered, federally insured credit union serving 1,097 members and had assets of approximately $3.1 million, according to the credit union’s most recent Call Report. Border Lodge Credit Union served employees of varied and approved occupational groups who work within Orleans County, Vt., and members of the immediate families of such persons and associations composed primarily of the same people.

The Vermont Department of Financial Regulation made the decision to liquidate Border Lodge Credit Union to conserve the assets and protect the interests of credit union members.

Border Lodge Credit Union is the eleventh federally insured credit union liquidation in 2012.