Despite an earlierindication from the NCUA that the regulator hoped to reach adecision about how best to dispose of the assets of conservedcorporate Western Bridge in November, that month came and went withno announcements.

Asked about when it hoped to announce a decision on the sale ofWestern Bridge or U.S. Central, the other conserved corporate,the NCUA recently said through a spokesman, “NCUA continues to workdiligently to resolve matters related to both WesBridge and USCentral. We will make an announcement at the appropriate time.”

Involved parties, who asked for anonymity because they are notauthorized to speak on the record, indicated that anannouncement–probably about Western Bridge, possibly also aboutU.S.Central –will be forthcoming on Dec. 15, the day of the nextNCUA board meeting. “Look to that date,” said one source.

One topic on which the NCUA will offer definitive comment isthat, in its search for solutions for Western Bridge, it has soughtinput from present members.

“We have not solicited formal input from the members, but theyhave had the opportunity through the initial phase when UnitedResources was proposed. For example, NCUA has used several informalchannels that helped inform our decision to open the Western Bridgebidding process only to corporates–as the NCUA board heard manymembers would not support a transition to a noncorporate entity. Nomember will be forced to remain a member of an acquiring corporate,nor will they be required to contribute capital if an acquirerpursues a capital call on Western Bridge members. However, if theychoose not to contribute capital, the member may have to transitionaway from the acquirer in an orderly fashion,” said a boardspokesman.

That statement is not necessarily supported by testimony fromWestern Bridge members. When asked by Credit Union Timesif they had in fact been contacted by the NCUA to offer perspectiveon disposing of Western Bridge assets, leaders in three Californiacredit unions that had been active supporters in the failed driveto capitalize United Resources– Patelco, Vons, and Kern SchoolsFCU–indicated their opinions had not been sought.

None of the credit unions contacted did in fact say thieropinions had been sought.

At least some outside observers believe the NCUA has actedappropriately. Explained credit union consultant Marvin Umholtz,“As conservator, the NCUA did not require anyone’s advice orapproval about how to handle the Western Bridge sale.”

“The NCUA stuck to its early-on commitment that each WesternBridge-member credit union could make its own business decisionwhether to stay or move to another provider. That has been truethroughout the conservatorship.”