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.
House passes measure that raises number of shareholders needed before bank must register with SEC.
The NCUSIF’s equity ratio remained at 1.31% for the third consecutive month in September, according to a report to the NCUA board by the agency’s chief financial officer Mary Ann Woodson at its Oct. 27 meeting.
While the NCUSIF’s equity ratio is headed in the right direction, it’s not clear how much it will benefit the bottom line of credit unions.
ALEXANDRIA, Va. — If current financial trends continue, the NCUSIF's equity ratio will likely end the year at between 1.28% and 1.32%, which could mean a lower assessment to pay for the corporate credit union rescue, NCUA Chief Financial Officer Mary Ann Woodson told the agency's board last Thursday.
The NCUSIF's equity ratio will likely end 2011 at between 1.28% and 1.32% and possibly lower assessments for corporate rescues could follow.
The NCUA says it's not developing a contingency plan for helping credit unions that stay deal with any new costs from more departures.
Proposed rule lets NCUA assistance to a troubled or acquiring credit union to count as regulatory net worth.