ALEXANDRIA, Va. (7/17/09)--The National Credit Union Administration’s (NCUA's) Temporary Corporate Credit Union Liquidity Guarantee Program (TCCULGP) agreement will now be more similar to portions of the Federal Deposit Insurance Corporation’s (FDIC) Debt Guarantee Master Agreement under a plan approved Thursday by the NCUA. The agency on July 16 unanimously supported a staff recommendation to “enhance corporate credit unions’ ability to maintain stable liquidity by enabling them to access funds through public offerings of senior unsecured debt obligations.” According to an NCUA board action memorandum, the board expects that these actions will “favorably impact the cost and marketability of corporate credit union debt offered in public markets” and increase the attractiveness of these assets for potential investors by eliminating some competitive disadvantages. The board also voted to implement its previous order which legally obligates the Temporary Corporate Credit Union Stabilization Fund (TCCUSF), rather than the National Credit Union Share Insurance Fund (NCUSIF), for liabilities incurred under the TCCULGP. The approved changes will be published in the Federal Register, and a sample TCCULGP agreement will soon be posted on the NCUA Web site. Also at the monthly open board meeting, NCUA CFO Mary Ann Woodson reported little change in the monthly report on the financial state of the NCUSIF and TCCUSF, Woodson did detail the effects that recent NCUA board actions, including the assignment of the $1 billion capital note to the TCCUSF, have had on the NCUSIF balance sheet. Woodson also noted that the nine recorded credit union failures have cost the NCUSIF a combined $53 million so far this year.