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NCUA Board Chairman Debbie Matz yesterday reiterated the agency's expectation there will be no need for future stabilization assessments on credit unions for the Temporary Corporate Credit Union Stabilization Fund.

Matz made her comments during the board's open meeting, which included a quarterly report on the TCCUSF as its only agenda item and lasting about 12 minutes.

The fund closed the month of March with net position of $291.2 million, up from $238.5 million as of Dec. 31, 2014. It has total assets of $2.89 billion, including a $2.56 billion net receivable from the asset management estates and a $331.6 million fund balance with Treasury and investments.

There was an outstanding $2.6 billion borrowing from Treasury, unchanged from year-end. The fund generated $52.7 million in net income during the first quarter.

Matz said the agency is still pursuing legal settlements to reduce corporate stabilization costs; 15 suits are pending. Meanwhile, staff confirmed the agency is preparing a white paper to post online to explain various accounting terms that apply to the fund.

NAFCU has urged that credit unions receive a rebate of remaining stabilization funds, and NCUA has noted a rebate is possible but cannot be made until the fund closes down in 2021 an the NCUA Guaranteed Note program concludes.

NAFCU continues to support NCUA taking whatever action it has available to minimize stabilization costs for credit unions.