NCUA to address writedowns in corp stabilization discussion
WASHINGTON (6/16/09)--Among the items for discussion at the National Credit Union Administration (NCUA) board 's Thursday meeting will be how credit unions that have already expensed their National Credit Union Share Insurance Fund (NCUSIF) costs associated with NCUA's corporate stabilization efforts can recover or reverse those expenses.
The NCUA in an April memo said that credit unions should book the write down of their NCUSIF deposits as an impairment as of March 31. NCUA also said that credit unions could potentially delay reporting those impairments if the delay was consistent with generally accepted accounting principles. However, this determination was prior to the passage of H.R. 2351, which will direct credit unions to spread their NCUSIF costs over a seven or eight-year period.
The NCUA will likely discuss its corporate credit union stabilization plan in greater detail at the June 18 meeting, and is expected to present related guidance to credit unions during an interactive webinar on June 24.
The board will also discuss a final rule on operating fees and an interim rule on exceptions to the maturity limit on second mortgages during this week's meeting.
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