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News Now

Washington
Obama signs NCUA technical amendments into law
WASHINGTON (1/6/11)—President Barack Obama this week signed into law 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. The legislation, which 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, was approved on the final day of the 111th Congress. 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 and grants credit unions the ability to count Section 208 assistance as net worth for the purposes of prompt corrective action (PCA). The Government Accountability Office will also soon investigate the NCUA’s handling of recent corporate credit union failures, and that resulting report will be delivered to relevant congressional committees within six months. The Credit Union National Association plans to closely monitor its implementation going forward.


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