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News Now

Washington
NCUSIF other NCUA funds are auditor approved
ALEXANDRIA, Va. (6/15/10)--The National Credit Union Share Insurance Fund (NCUSIF) has officially received “clean” audit opinions for 2008 and 2009, with auditors also certifying the “financial accuracy” of the National Credit Union Administration’s (NCUA) operating fund, its community development revolving loan fund, and its central liquidity facility. In a Monday release, NCUA Chairman Debbie Matz said that she was pleased by the results of the audits, which were posted immediately after they were completed, adding that transparency would “continue to be a hallmark of NCUA’s operations.” Deloitte & Touche LLP completed the NCUA’s 2008 audits, and KPMG LLP, which completed the 2009 audits, will also release its audit of the NCUA’s Temporary Corporate Credit Union Stabilization Fund (TCCUSF) soon. "Credit unions and the more than 90 million consumers who have federally insured accounts should know the National Credit Union Share Insurance Fund that protects their deposits up to $250,000 has also now received two unqualified opinions of its financial condition," Matz said, She added that the NCUA would be “more vigilant than ever” in it’s efforts to “keep the credit union system strong” and “reduce risk, strengthen capital, and enhance the overall supervision of the credit union industry.” Credit Union National Association Deputy General Counsel May Dunn noted, ""We recognize the financial statements identify some problem areas for NCUA to address and the process for completing these statements was uncommonly long, raising a number of questions within the credit union system for the delay. "On the timing score, however, we agree with the NCUA's objective to provide a more accurate reflection of the financial condition of the NCUSIF and the agency's operations." The NCUA will take up the NCUSIF and the TCCUSF this week, and board member Michael Fryzel on Monday reiterated the agency’s stance that separating the corporate stabilization fund and share insurance fund assessments would improve the transparency of the assessment process and improve the accuracy of credit union budget estimates. “Separation would not increase the total amount of assessments but it would clarify exactly what each assessment is for: The Share Insurance Fund assessment for losses at natural person credit unions, and the Corporate Stabilization Fund assessment for losses at corporate credit unions,” Fryzel added. The NCUA’s recently proposed changes to its field of membership rules, some of which the Credit Union National Association has criticized as overly restrictive, will also be discussed at the board meeting, which will take place on Thursday. For the NCUA's audit release, use the resource link.
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