The Board considered a number of possible actions regarding how to best address
WesCorp‘s problems, but determined there were no remaining viable alternatives other
than placing WesCorp into conservatorship under 12 U.S.C. §1786(h)(1)(A) of the
Federal Credit Union Act (FCU Act). On March 19, 2009, the NCUA Board approved
the conservatorship of WesCorp and placed it into conservatorship on March 20, 2009.
At the time of conservatorship, WesCorp was the largest of the retail corporate credit
unions, with nearly $25 billion in assets and servicing more than 1,000 credit unions.
The Board considered a number of possible actions regarding how to best addressWesCorp‘s problems, but determined there were no remaining viable alternatives otherthan placing WesCorp into conservatorship under 12 U.S.C. §1786(h)(1)(A) of theFederal Credit Union Act (FCU Act). On March 19, 2009, the NCUA Board approvedthe conservatorship of WesCorp and placed it into conservatorship on March 20, 2009.At the time of conservatorship, WesCorp was the largest of the retail corporate creditunions, with nearly $25 billion in assets and servicing more than 1,000 credit unions.
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