NCUA Liquidates Constitution Corporate Federal Credit Union

 

November 19, 2010, -- NCUA has announced that on November 30, 2010, Constitution Corporate Federal Credit Union (Constitution) will be liquidated. Constitution was placed into conservatorship by the NCUA Board on September 24, 2010, as part of the agencyís overall corporate resolution efforts. Liquidation is the next step in gaining control of the mortgage-backed securities on Constitutionís balance sheet to facilitate the securitization of those assets. This is the same process that was undertaken at four other corporate credit unions with significant investments in distressed securities.

 

As part of NCUAís commitment that payment processing and other critical services for Constitutionís members continue uninterrupted, NCUA is transferring Constitutionís operations to Members United Bridge Corporate Federal Credit Union (Members United). NCUA made this decision after determining it was in the best interest of Constitutionís members and the NCUSIF.

 

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