Bonds Panel to be Created by NCUA
The NCUA board decided that keeping track of the bonds it has issued as part of the corporate stabilization effort has grown so complex that the agency has decided to hire a committee to oversee it.
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, referring to the NCUA Guaranteed Note program.
Responsibilities that are attached to the bond management include overseeing the bonds for their performance and the agencies responsibilities toward them, Fazio explained, monitoring the agency's compliance with applicable laws and regulations and maintaining the data on the bonds and their performance.
This latter responsibility will also include a new website, accessible from the agency's website, that Fazio said would contain information on bond performance and other details in a format lay people and investors can understand.