Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NCUA memo guides on delaying NCUSIF write-downs
WASHINGTON (4/7/09)—In a memo Friday to regional directors and examiners, shared with the Credit Union National Association (CUNA), the National Credit Union Administration (NCUA) is providing guidance to field staff on an accounting bulletin (AB 09-02) released earlier in the week addressing corporate credit union issues. The memo is an effort to clear up confusion created by the accounting bulletin on whether credit unions may delay reporting the write-down of their 1% National Credit Union Share Insurance Fund (NCUSIF) deposit. The NCUA memo says credit unions should follow the accounting bulletin and book the impairment as of March 31. It also indicates that credit unions may be able to delay reporting the impairment, if their accountant determines the delay is consistent with GAAP and provides guidance to the credit union to that effect. However, it is CUNA's understanding that even without written guidance from an accountant, examiners are being instructed not to deal harshly with a credit union that delays the write-down. CUNA is working with NCUA to get further clarification on this matter.
Other Resources

RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
1 Day ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
1 Day ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
1 Day ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
1 Day ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
1 Day ago