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NCUA tech corrections bill could become law this week
WASHINGTON (1/4/11)--A technical corrections bill that would provide the National Credit Union Administration (NCUA) with new tools to address both troubled individual credit unions and the larger corporate credit union crisis could be signed into law this week, and the Credit Union National Association (CUNA) plans to closely monitor its implementation going forward. The legislation, S. 4036, was approved on the final day of the 111th Congress. The legislation will alter the Federal Credit Union Act by permitting the NCUA to make payments to the Temporary Corporate Credit Union Stabilization Fund without borrowing from the U.S. Treasury. The legislation also clarifies that the equity ratio of the National Credit Union Share Insurance Fund (NCUSIF) is based solely on the unconsolidated financial statements of the NCUSIF. The legislation will also give credit unions the ability to count Section 208 assistance as net worth for the purposes of prompt corrective action (PCA). Under the terms of the legislation, the Government Accountability Office will investigate the NCUA in an attempt to uncover the reasons for recent corporate credit union failures and evaluate the adequacy of the NCUA's response to the failures of the corporates. The resulting report, which will be delivered to the Senate Banking Committee and House Financial Services Committee within six months after the legislation is enacted, will also evaluate the effectiveness of the NCUA's PCA implementation and examine whether the agency has been effective in implementing recommendations made by its Inspector General and contained in Material Loss Review Reports.


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