NCUA memo guides on delaying NCUSIF write-downs
WASHINGTON (4/7/09)—In a memo Friday to regional directors and examiners, shared with the Credit Union National Association (CUNA), the National Credit Union Administration (NCUA) is providing guidance to field staff on an accounting bulletin (AB 09-02) released earlier in the week addressing corporate credit union issues.
The memo is an effort to clear up confusion created by the accounting bulletin on whether credit unions may delay reporting the write-down of their 1% National Credit Union Share Insurance Fund (NCUSIF) deposit.
The NCUA memo says credit unions should follow the accounting bulletin and book the impairment as of March 31. It also indicates that credit unions may be able to delay reporting the impairment, if their accountant determines the delay is consistent with GAAP and provides guidance to the credit union to that effect. However, it is CUNA's understanding that even without written guidance from an accountant, examiners are being instructed not to deal harshly with a credit union that delays the write-down. CUNA is working with NCUA to get further clarification on this matter.
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