ALEXANDRIA, Va. (3/17/15)--The National Credit Union Administration's Temporary Corporate Credit Union Stabilization Fund has received a clean audit, the agency announced Monday. This is the sixth consecutive clean audit opinion for the fund.
According to the NCUA, during 2014 the fund's financial condition remained stable, maintaining sufficient available liquidity to meet its obligations. This was the first year in which the fund had a positive net position.
"The stabilization fund has saved credit unions from $40 billion in potential losses since 2009, and this sixth consecutive clean audit is a reminder of how well this important asset is being managed," NCUA Chair Debbie Matz said. "NCUA remains committed to prudent, effective and transparent management for the Stabilization Fund. If current trends continue, the agency does not expect to charge credit unions assessments for the stabilization fund in the future."
KPMG LLP, the independent firm that audits the stabilization fund's financial statements, issued an unmodified audit opinion with no reportable findings, which is now available on the agency's website.
The stabilization fund is currently scheduled to close in 2021.
With the audit complete, the NCUA will soon update its two public website sections detailing Corporate System Resolution Costs and NCUA Guaranteed Notes Program information through the final quarter of 2014.
New information will include updated questions and answers covering final 2014 data on the total actual losses and implied write-downs on the failed corporates' legacy assets and the most recent estimated loss projection ranges.
NCUA Chief Financial Officer Rendell Jones will provide a detailed report at the scheduled March 19 open board meeting. Registration is currently open to view a live video stream of that meeting.