NCUA Chairman Explains the Corporate Credit Union Bailout

In a speech given in Texas last Thursday, the NCUA Chairman Debbie Matz explains the corporate credit union crisis and why the NCUA undertook the bailout:

As I know you are all very aware, NCUA has taken decisive action to deal with the corporate credit union crisis. Yes: It was indeed a crisis. If we had not confronted the situation head-on - if we had allowed the corporate crisis to become a consumer crisis - the nation’s credit union structure would have faced a grave systemic risk.