ALEXANDRIA, Va. — Federally insured credit unions will be charged 9.5 basis points this year for the Temporary Corporate Credit Union Stabilization Fund.
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.
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.
The NCUA has settled a complaint about the way HSBC sold mortgage-backed securities to five failed corporate credit unions.
Outside auditors give NCUSIF, CLF, operating and Community Development Revolving Loan funds' financial reports a clean bill of health.
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.
Chairman Debbie Matz noted upcoming proposals at NAFCU session in September.
Chairman Debbie Matz has said to expect corporate rescue assessment of 8 to 11 basis points.