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TOM SAKASHSTAFF NEWSWRITER

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Washington
Corp. CU legacy assets rules now in near future
ALEXANDRIA, Va. (9/10/10)--While the National Credit Union Administration (NCUA) has long hinted that new corporate credit union rules and legacy assets proposals would be released at the Sept. 16 open meeting, the NCUA on Thursday said that those matters would be considered at a later date. The NCUA recently told Credit Union National Association (CUNA) staff that greater work is needed before the corporate credit union and legacy asset issues are ready to be released. With the corporate and legacy asset issues absent from the agenda, the main issue of concern to credit unions will likely be the establishment of the National Credit Union Share Insurance Fund (NCUSIF) premium. The NCUA is levying the assessment to rebuild the equity level of the NCUSIF, which was depleted due to multiple credit union failures. CUNA has projected that the NCUA will charge a premium of between 6 and 10 basis points. The general status of the NCUA’s insurance funds will also be discussed during the meeting. The NCUA on Thursday also said it would discuss secondary capital accounts, short-term, small amount loans, and the adoption the Federal Accounting Standards Advisory Board’s (FASAB) financial reporting standards during the open meeting. Implementation of the recently enacted financial regulatory reforms will also be discussed, and the NCUA’s monthly report on the state of its according to the NCUA release. Delegations of authority as well as supervisory activities will be discussed by the board during the closed portion of the meeting. For the full NCUA agenda, use the resource link.
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