| The failure of three corporate credit unions, and the government’s plan to resolve them, won’t be paid for by taxpayers, according to the chief of a credit union trade group.
Bill Cheney, chief executive officer of the Credit Union National Association, told CNBC that the government’s recent seizure of three corporate credit unions, and its resolution plan, is not a bailout. “They’ve set up a program that will allow the credit unions, themselves, to pay the cost of this stabilization over a 10-year period,” Cheney stated. “So it doesn’t cost the taxpayer a dime. “It’s not a bailout.”
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