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Washington
NCUA Guaranteed Notes prospectus out Oct. 12
SAN ANTONIO, Texas (10/4/10)--The prospectus for the National Credit Union Administration (NCUA) Guaranteed Notes (NGNs) will be released around Oct. 12, NCUA Chairman Debbie Matz said last week. The NGNs will be comprised of $50 billion of legacy assets gathered from the accounts of corporate credit unions that are currently under NCUA conservatorship. The NGNs will then be sold on the open market. The NGNs will be permissible investments for credit unions, and have received a zero risk weight from the Securities and Exchange Commission. Matz covered several other aspects of the recently released corporate credit union and legacy asset plans during her speech made during the National Association of State Credit Union Supervisors (NASCUS) yearly gathering. Credit Union National Association (CUNA) President/CEO Bill Cheney, also speaking before the NASCUS conference, said that CUNA’s work in 2011 would focus on secondary capital and member business lending. Congress is interested in more capital across the spectrum of financial institutions, Cheney said, adding that the NCUA has also backed increased capital, with the Agency calling alternative and supplemental capital for credit unions “a safety and soundness issue.” While the credit union industry remains “very well capitalized,” with a 9.9%, dollar-weighted average, Cheney said that CUNA economists have estimated that one in four credit unions would likely “feel a very strong need to rebuild their net worth ratios over the next few years.” Generally, credit unions “would be best served” by having as many alternative capital options as possible, Cheney added.


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