ALEXANDRIA, Va. (3/17/14, UPDATED 1:22 p.m. ET)--The Temporary Corporate Credit Union Stabilization Fund has received a clean audit opinion for the fifth consecutive year of its five-year existence, the National Credit Union Administration announced today.
The fund's condition is on the agenda for this Thursday's NCUA open board meeting and at that time the NCUA's Chief Financial Officer will provide a detailed report. However, in its release today the NCUA highlighted that in 2013 the Stabilization Fund's financial condition "remained stable, maintaining sufficient available liquidity to meet its obligations while its deficit net position continued to decline."
KPMG LLP, the independent firm that audits the stabilization fund's financial statements, issued an unmodified audit opinion with no reportable findings. The agency released that opinion as well as the stabilization fund's 2013 audited financial statements (see resource link).
"Congress created the Stabilization Fund in 2009, and an independent auditor has given NCUA a clean financial statement audit opinion every year since then," NCUA Chairman Debbie Matz said in the release. "KPMG's latest report, following the board's announcement last November that we do not expect an assessment in 2014, demonstrates the agency's planning and management are prudent and that we are maintaining transparency as we work to complete the resolution of the corporate credit union crisis."