ALEXANDRIA, Va. — The NCUA has marginally reduced its take from the NCUSIF to fund operations and slightly boosted what it charges credit unions.
ALEXANDRIA, Va. — The NCUSIF was hit with $147.2 million in insurance losses during the third quarter, the NCUA Board learned at Thursday’s board meeting.
NCUA steps in following reports indicating dismal financial conditions at Trinity CU.
Credit unions that converted to a bank charter to escape NCUSIF assessments may be disappointed by an FDIC report presented to its Board of Directors this week.
Over the last couple of years, a small coalition of credit unions has built up the background and the foot soldiers to help maneuver supplemental capital legislation through Congress.
Fewer losses, portfolio growth and a decline in at-risk credit unions allows transfer of $278.6 million to Temporary Corporate Credit Union Stabilization Fund.
Two billion-dollar credit unions are currently seeking to convert to a bank charter. Another, HAR-CO Maryland FCU with a not-insignificant $193 million in assets, is also seeking a conversion. These credit unions, if successful, will necessarily leave the credit union trade associations and the NCUSIF.
A church seeking to recover lost money is alleging that NCUA staff acted unscrupulously.
The NCUA's proposed cap and limit on credit union purchase of loan participations would hurt credit unions' abilities to lend and effectively minimize their ability to limit risk.
Credit unions could accept supplemental capital that wouldn’t be insured by NCUSIF and would be subordinated to other claims, according to provisions of a bill introduced by Rep. Peter King (R-N.Y.) and Rep. Brad Sherman (D-Calif.).