NAFCU President/CEO Fred Becker downplayed the importance of U.S. Central's fourth quarter $500 million OTTI announcement, which partially impaired the NSUCIF's $1 billion capital note, calling it "nothing new."
Becker told the Credit Union Times retail corporates had already depleted all U.S. Central capital months ago, and the only news is that NCUA's corporate stabilization assessment may rise as a result.
Although Becker said he didn't know for sure, but according to his math, the NCUA accounted for "at least some" loss of the NCUSIF note in five to fifteen basis point corporate assessment estimates mentioned last fall. However, the NAFCU chief said he is pressing the NCUA to "further refine" its assessment estimates to give natural person credit unions time to prepare for the actual number.
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