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Corporate prepayment proposal webinar on May 26
ALEXANDRIA, Va. (5/23/11)–The National Credit Union Administration (NCUA) will deliver a presentation on its proposed voluntary prepaid Corporate Stabilization Fund assessments program, and field credit union questions about this proposal, during a May 26 webinar. The webinar will be led by NCUA Deputy Executive Director Larry Fazio and Office of Examination and Insurance Director Melinda Love. It is scheduled to begin at 4 p.m. (ET). The NCUA has invited credit union industry representatives and all public stakeholders to take part in the webinar. The agency said those already registered for its May 26 webinar on allowance for loan and lease losses -– which begins at 2:00 p.m. (ET) –- can just stay online at 4 p.m. (ET) to participate in the second webinar. Those interested only in the voluntary prepaid assessments proposal should log in at 4 p.m. The NCUA prepayment proposal would allow most credit unions to voluntarily prepay a portion of their future Corporate Credit Union Stabilization Fund assessments. The Credit Union National Association last week commented on the proposal, saying that “spreading the cost of assessments is an issue of importance to credit unions” and one that has been raised often with the agency. The NCUA proposal would allow credit unions with more than $3 million in assets to pay up to 36 basis points of their fund assessment in advance. The minimum payment would be $10,000. These payments could reduce fund assessments in 2011 and 2012, and, potentially, beyond those two years. The agency is collecting comment on the proposal, and has said it will only go forward with the prepayment plan if it receives $300 million in commitments from eligible credit unions. For News Now coverage of the proposal, and to register for the NCUA webinar, use the resource links.
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