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NCUA Board and staff members reiterated Thursday that no further assessments on credit unions for the Temporary Corporate Credit Union Stabilization Fund are anticipated at the present time.

The board received a quarterly report on the stabilization fund during Thursday's open meeting that shows $91.6 million in net income for the fund in the second quarter. The fund's net position went from a negative $40.4 million as of March 31 to a positive $51.2 million as of June 30.

During Thursday's meeting, NCUA Board Chairman Debbie Matz asked if there would be a rebate for credit unions from the stabilization fund. Chief Financial Officer Mary Ann Woodson said 2021 would be the earliest date for a potential refund due to the agency's legal obligation to repay notes and the Treasury Department first.

Matz emphasized that NCUA isn't trying to hold back funds. "There will be an accounting" in 2021 so credit unions are reimbursed funds "that rightfully belong to them," she said.

New Board Member Mark McWatters asked if there was a concern that rising interest rates would affect the fund negatively in coming years. Woodson said the future value of the fund's legacy assets is projected based on several different macroeconomic variables, but she agreed that there is some uncertainty. She said the fund continues to perform well.

NCUA noted in July that it expects credit unions have seen the last of the stabilization assessments but that, again, nothing is certain until the fund has run its course. NAFCU has strongly urged against future assessments and continues to push for more transparency from NCUA on the stabilization costs being paid by credit unions.