If the NCUA doesn't merge its corporate stabilization fund with its share insurance fund, the agency could be forced to recapitalize the share insurance fund through assessments on credit unions, board member Rick Metsger warned Tuesday.
"Nobody wants an assessment," Metsger said at NAFCU's Congressional Caucus in Washington, D.C.
The NCUA has solicited comments on a plan to close the stabilization fund in September; that could result in a Share Insurance Fund distribution to federally insured credit unions of between $600 and $800 million. The stabilization fund had been scheduled to close in 2021.
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.
