NCUA Board to hear TCCUSF report
March 20, 2014 – NCUA staff will provide the agency’s board a quarterly update on the Temporary Corporate Credit Union Stabilization Fund during today’s open meeting, set for 10 a.m. Eastern.
The TCCUSF report is one of just two items on today’s open meeting agenda. The other is a proposed interagency rule addressing minimum requirements for appraisal management companies.
NCUA this week announced the TCCUSF received a clean audit report for the fifth year in a row based on 2013 financials. The agency also pushed the upper end of its projection for future stabilization fund assessments on credit unions down to a negative $2 billion to negative $600 million. That provides further support for an end to stabilization assessments and an eventual rebate to credit unions, as urged by NAFCU.
The audit report shows that NCUA expects to generate $2.3 billion from the corporate management estate. It also shows the fund incurring $390 million in professional costs last year. Whether that's related to legal costs for suits leading to recoveries on corporate losses is not clear.
NAFCU has submitted several Freedom of Information Act requests to the agency seeking disclosure of the recent litigation costs and its impact on the TCCUSF and National Credit Union Share Insurance Fund, NCUSIF expenses, the Central Liquidity Facility and NCUA operating budget expenses.