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.
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.