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NCUA sets webinar on new law implementation
ALEXANDRIA, Va. (6/1/09)--The National Credit Union Administration (NCUA) will present its guidance on implementing its new corporate credit union stabilization plan in a webinar scheduled for June 24. The webinar will follow the NCUA’s June 18 board meeting, and will give participating credit unions an opportunity to have their questions answered directly by NCUA staff. NCUA Chief Financial Officer Mary Ann Woodson has said that she would analyze the financial impact that the newly enacted provisions would have on the agency. Once completed, the results of this analysis will be reported to the NCUA board, and will also be released to the public. The corporate stabilization plan, which President Barack Obama signed into law as part of S. 896, increases NCUA’s borrowing authority to $6 billion, with a possible further extension to $30 billion under exigent circumstances. The stabilization plan will also allow credit unions to spread the cost of National Credit Union Share Insurance Fund (NCUSIF) 1% deposit replenishment over seven years. Credit unions will also be granted up to eight years to deal with the cost of a premium assessment that has resulted from losses at wholesale corporate credit unions. Additionally, any impairments related to the NCUSIF replenishment may be booked over a seven-year period. The NCUA has provided the Credit Union National Association (CUNA) with further information the estimated credit losses sustained due to WesCorp and U.S. Central’s investments in mortgage-backed and asset-backed securities after CUNA submitted a request under the Freedom of Information Act. CUNA is also filing a follow-up request that would seek more data on the losses.


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