CUNA endorses the NCUA's closure of the TCC Union Stabilization Fund but opposes agency's plan to boost operating level to 1.39%.
Agency says at monthly meeting that four first-quarter liquidations have cost $75,000 in associated losses.
CUNA economist says lowering, spreading out payments would lessen impact on bottom line; NAFCU says release funds from NCUSIF.
ALEXANDRIA, Va. — The 2012 corporate rescue fund assessment to reduce annualized return on average assets an estimated 8 basis points industry wide.
ALEXANDRIA, Va. — Federally insured credit unions will be charged 9.5 basis points this year for the Temporary Corporate Credit Union Stabilization Fund.
NCUA also reports clean audit this time around.
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.
Audits typically are prosaic matters, filed by accountants, read by accountants and swiftly forgotten. Not so the recent audit of NCUA’s Temporary Corporate Credit Union Stabilization Fund, announced by the agency on Dec. 27, a day when many are on vacation.