The NCUA board will discuss closing the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) at its Sept. 28 meeting, according to the agenda released Wednesday. CUNA strongly supports closure of the fund and for NCUA to begin issuing refunds starting in 2018, the only national trade association for credit unions to hold that position.
"CUNA’s number one priority is ensuring credit unions get their money back starting in 2018, so we're glad to see it as an item on NCUA's upcoming board meeting agenda," said CUNA President/CEO Jim Nussle. "We look forward to engaging with NCUA to ensure closure of the fund in a safe and sound manner."
CUNA fully supports NCUA’s proposed plan, issued in July, to close the TCCUSF, merge its assets into the share insurance fund and repay credit unions a portions of stabilization fund premiums in 2018.
CUNA does have concerns with provisions that authorize NCUA’s to raise the normal operating level (NOL) to 1.39%, and addressed them in its comment letter filed with the agency last month.
CUNA followed up with a letter outlining a method to issue future TCCUSF refunds based on the actual amount of stabilization assessments paid by each credit union,