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NCUA posts accounting info on corporate plan
WASHINGTON (2/5/09)—The National Credit Union Administration (NCUA) has posted an accounting bulletin for credit unions that addresses the corporate credit union stabilization plan, according to the agency’s deputy executive director. NCUA’s Larry Fazio told the more than 3,000 participants of a Credit Union National Association’s (CUNA’s) Wednesday audio conference that the accounting bulletin is available on the agency website. The bulletin, according to NCUA is intended to provide guidance to credit unions with less than $10 million in total assets on regulatory reporting matters related to recent NCUA Board actions to stabilize the corporate credit union system. “This guidance can be referenced by credit unions larger than $10 million in total assets in consultation with their independent accountants,” the bulletin advises. The bulletin became effective immediately upon its issuance. It will expire, according to the NCUA, when “superseded or incorporated Accounting Manual for Federal Credit Unions, whichever occurs first.” Use the resource link below to access the NCUA bulletin.
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