Board chair says audit shows agency is fulfilling its financial reporting responsibilities, will soon update system resolution costs.
Notes payoff called important milestone in efforts to resolve the failure of five corporates.
The reduced corporate bill is the result of legacy asset performance and the macroeconomic factors used to project their future performance, the NCUA said in a release.
Topics include economy, FSOC annual report and corporate assessments.
The NCUA’s 2011 Annual Report, posted Tuesday on the regulator’s website, details an agency and industry steadily recovering from the recession.
The Temporary Corporate Credit Union Stabilization Fund made progress against legacy asset losses in 2011, improving the fund’s net position from 2010, according to audited financial statements released by the NCUA. The fund also received a clean report from outside auditors.
Moves to both high and low estimates.
NCUA also reports clean audit this time around.
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.
Corporate leaders had mixed reactions to this week's report from the GAO critiquing the NCUA's handling of the corporates crisis.