WASHINGTON (2/12/14, UPDATED: 2:55 P.M. ET)--There will be no Temporary Corporate Credit Union Stabilization Fund (TCCUSF) assessment charged in 2014, the National Credit Union Administration has confirmed. And, credit unions are much less likely to be charged another TCCUSF assessment going forward.
These are outcomes that the Credit Union National Association has been pushing with NCUA.
The agency said the positive TCCUSF news is the result of a $1.4 billion settlement with JP Morgan and the continued improvement in the performance of the legacy assets underlying the NCUA Guaranteed Notes program.
Credit unions have paid $4.8 billion in TCCUSF assessments since the fund was established. The projected net remaining assessments over the life of the TCCUSF, based on estimates from the second quarter of 2013, now range from -$0.2 billion to $1.6 billion.