As expected, the NCUA's Central Liquidity Facility audited financial statements reveal the liquidation of U.S. Central credit union exponentially shrunk the agency's ability to fund industry liquidity needs. The CLF closed out 2012 with just $111.5 million in assets, down from more than $2 billion one year earlier.
The CLF financial reports were included in an NCUA audit release on Tuesday, in which the regulator reported receiving unqualified, or "clean", audit opinions for 2012 in four areas: the CLF, Operating Fund, National Credit Union Share Insurance Fund and the Community Development Revolving Loan Fund.
"Diligent stewardship of our funds and public transparency are both top priorities for the agency," NCUA Board Chairman Debbie Matz said. "Independent auditors have completed the audits of the financial statements for our four permanent funds. Their clean opinions lead me to say with full confidence that we have fully lived up to our commitments to credit unions, credit union members and their communities."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
