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Corporate CU guarantee program gets another extension
ALEXANDRIA, Va. (11/24/09)—The Temporary Corporate Credit Union Share Guarantee Program (TCCUSGP) has received another extension from its parent agency, the National Credit Union Administration (NCUA). The agency is pushing the expiration date past the current sunset of Dec. 31, 2011 to let the program run until March 31, 2012. The Dec. 31, 2011 date was itself an extension. The NCUA announced in August that TCCUSGP would not be allowed to expire on the scheduled Sept. 31, 2011 date. The TCCUSGP backs up the National Credit Union Share Insurance Fund's (NCUSIF) coverage of all shares--excluding paid-in-capital and membership capital accounts--at corporate credit unions. More technically, the NCUA's Corporatee Stabilization Fund is obligated for any liability arising from the Temporary Corporate Credit Union Share Guarantee Program ("TCCUSGP") and from the TCCULGP. To the extent that any liability from the TCCUSGP or TCCULGP exceeds funds available from the Stabilization Fund, funds shall be made available from the NCUSIF. Use the resource link below to read the NCUA's Juner Letter to Credit Unions on "Corporate Stabilization Fund Implementation."
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