Closure of Credit Union Could Affect Economy

RECEIVED Wed., Sept. 29, 2010

Dear Editor,
    According to the NCUA’s website, ABC News, and other sources, federal regulators seized Southwest Corporate Federal Credit Union of Plano, plus two other credit unions outside Texas, on Friday the 24th and placed them into conservatorships. The NCUA explained the credit unions did not have adequate capital. It is my understanding that one or more local credit unions utilize Southwest by obtaining loans from it. Therefore the seizure could well affect our local economy, and certainly Texas in general. I figured the readership of this paper would want to know. I encourage the Chronicle to investigate and report on the story’s local impact in more detail.
Will Cain
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