Credit unions and the NCUA have made tremendous progress over the past five years in resolving the corporate credit union crisis.

Now that the remaining projected Corporate Stabilization Fund assessments are lower than the total assessments charged through 2013, it’s a good time to reflect on the road ahead, as well as on how far we’ve come.

In 2008, five troubled corporate credit unions suffered massive declines in the market value of their investment portfolios due to growing credit losses resulting in other than temporary impairment charges under accounting rules. As a result, the corporates lost billions of dollars, which depleted their capital, and many member credit unions began withdrawing funds, creating severe liquidity pressures.

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