ALEXANDRIA, Va. (UPDATED: 12:00 P.M. ET, 6/22/12)--The National Credit Union Administration's (NCUA) Temporary Corporate Credit Union Stabilization Fund (TCCUSF) has again received a clean audit, the agency reported today.
The audit, which was performed by KPMG, LLP, covered the TCCUSF's 2011 financial statements. NCUA Chairman Debbie Matz said the clean audit was "very welcome news."
The NCUA in a release noted it has improved its own internal controls, and has continued to strengthen the systems needed to handle the TCCUSF's many complex transactions, including those related to the NCUA Guaranteed Notes.
These improvements allowed the auditors to complete their examination of the TCCUSF statements six months earlier than they were completed in 2011, and Matz said the 2012 TCCUSF audits should be released in a similarly timely fashion next year.
Matz said agency staff is currently updating loss projections for the corporate credit union system resolution. The projections will be issued by the end of this month, she added.
For the NCUA release, use the resource link.