The NCUA board will vote on closing the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) at Thursday’s meeting, a decision that would mean credit unions could start receiving refunds in 2018. CUNA is the only national trade association to push the agency for immediate TCCSUF closure so refunds can begin next year.
The NCUA issued a proposal to close the stabilization fund at its July meeting, merging it with the National Credit Union Share Insurance Fund and raising the normal operating level (NOL) to 1.39%.
While CUNA supports closing the funds, the association expressed concerns about raising the NOL to 1.39%. CUNA also provided NCUA with a methodology it says would ensure equitable distribution of refunds, as it felt the two methods proposed by NCUA were not equitable.
The meeting agenda also includes:
The meeting is scheduled to begin at 10 a.m. (ET), and a link to a live video stream will be available at NCUA.gov.