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Examiner guidance on CU SIP
ALEXANDRIA, Va. (3/2/09)--The National Credit Union Administration (NCUA) unveiled supervisory guidance for its examination staff regarding the impact the agency’s corporate stabilization program may have on credit union balance sheets. The NCUA said its Supervisory Letter 09-01 instructs examination staff to differentiate between the impact of recent NCUA actions and operational activities by credit union management when evaluating credit union performance and risk profile. The letter also sets forth guidance allowing for examiner recognition of possible temporary reductions in return on assets (ROA) resulting from credit union participation in the Credit Union System Investment Program (CU SIP). NCUA Chairman Michael Fryzel said the supervisory letter “makes clear and appropriate distinctions between NCUA board actions related to the corporates and decisions made by an individual credit union.” He said credit union members deserve to know the bigger picture factors that are having an effect on their credit union’s bottom line. He added they also need to know “that the regulator is working with the industry to maintain a strong and vibrant credit union system despite the adverse environment.”

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