Onsite Coverage: NCUA Forms 'Oversight Committee' for Corporate Stabilization
The NCUA will form an "oversight committee" to manage the guaranteed notes that have been issued as part of the corporate stabilization program, the NCUA Board decided at its meeting Monday.
The NCUA Guaranteed Note Securities Management and Oversight Committee will "ensure that NCUA fulfills its ongoing responsibilities under the NGN program in a manner that promotes transparency, efficiency and accountability," the agency said.
The committee will have five new full-time staff positions and a budget of $200,000, but the money would be taken from the stabilization fund and not from the agency's general budget. The NCUA Board approved the new committee unanimously.