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NCUA to consider splitting share insurance corp. fees
ALEXANDRIA, Va. (5/14/10)--Telling credit unions that the agency is “very mindful of the effect” that assessments have on their balance sheets, National Credit Union Administration (NCUA) Chairman Debbie Matz said that the NCUA would soon consider splitting the fees used to maintain its share insurance and corporate stabilization funds. The NCUA will also consider separating the timing of credit union payments for the National Credit Union Share Insurance Fund (NCUSIF) and the Temporary Corporate Credit Union Stabilization Fund, Matz added. Separating these two assessments--those that cover NCUSIF costs associated with problem natural person credit unions and those associated with NCUA's Corporate Stabilization Fund--would help improve the transparency of NCUA’s assessment process-–and, at the same time, improve the accuracy of credit unions’ budget estimates, Matz said. The NCUA chair emphasized that separating the funds would not change the total amount due from federally insured credit unions. Rather, the amount of the assessment for natural person credit union losses versus corporate stabilization costs would be clarified. CUNA has urged NCUA to take all appropriate steps to minimize federally insured credit unions' insurance and corporate stabilization costs, and commends the chairman for this development. CUNA will continue to follow up with NCUA staff on this and other mechanisms to contain such costs. The Temporary Corporate Credit Union Stabilization Fund covers corporate stabilization-related expenses, and also oversees the Temporary Corporate Credit Union Share Guarantee Program and the Temporary Corporate Credit Union Liquidity Guarantee Program. For the NCUA release, use the resource link.
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