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NCUA announces July 11 corporate prepayment plan webinar (07/04/2011)
ALEXANDRIA, Va. (7/5/11)--The National Credit Union Administration (NCUA) has officially announced that it will host a free webinar on its voluntary Corporate Stabilization Fund assessment prepayment plan on July 11 at 2 p.m. ET. The webinar will be moderated by NCUA Chairman Debbie Matz, and will also feature input from NCUA Deputy Executive Director Larry Fazio, Examination and Insurance Director Melinda Love, Chief Economist John Worth, and staff attorney Lisa Henderson. The agency in a release said the webinar will give credit union industry insiders and public stakeholders the chance to improve their understanding of the prepayment program. The NCUA last week unanimously voted to move forward with a plan to allow credit unions, on a voluntary basis, to prepay their Corporate Stabilization Fund assessment. The agency has set the target size of the program at $500 million, which will result in a reduction of the 2011 regular assessment from 24.9 basis points (bp) to 18.5 bp. The NCUA will not move forward with the plan if less than $500 million is pledged by credit unions. Matz emphasized that participation in the prepayment plan is voluntary, and said that the agency is neither encouraging nor discouraging credit union participation in the program. The Credit Union National Association has encouraged credit unions to consider the extent to which the program will benefit them and whether they should participate. Credit unions that wish to take part in the prepayment plan must submit a completed program agreement to the NCUA by July 29. The agency will tally the total amount of credit union commitments on Aug. 9, and, if it moves forward with the plan, will debit the amounts that have been pledged from credit union accounts on Aug. 18. For more on the webinar, and prior coverage of the NCUA's recent corporate prepayment plan actions, use the resource links. The NCUA last week also announced that it will hold a special closed board meeting on Aug. 29. A full agenda for that meeting has not yet been released.
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