The time has come to close the NCUA's Temporary Corporate Credit Union Stabilization Fund, return the money to credit unions and get the NCUA's normal operating level down to 1.3%. The corporate crisis is over. The purpose of the stabilization fund no longer exists. It's time for the credit union system to move forward.
Some have suggested that the NCUA continue to manage the stabilization fund assets and study its options further. This, frankly, does not make any sense. Credit unions have nothing to gain through a delay. They will not receive more money if the stabilization fund is held until maturity, as the NCUA will continue the hold fund assets after it merges the stabilization fund with the National Credit Union Share Insurance Fund.
So, the question boils down to whether the NCUA or credit unions would be better stewards of these funds. CUNA believes in credit unions and their ability to make better use of these resources than the NCUA. Seriously, the notion that these funds should sit in an NCUA account and not be put to work for the good of 110 million credit union members is ridiculous.
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