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Today's open NCUA Board meeting will include a much-anticipated look at possible next steps for the Temporary Corporate Credit Union Stabilization Fund and National Credit Union Share Insurance Fund, which together are addressed in more than half of today's open meeting agenda.

A proposal for comment on emergency mergers is also slated, along with a quarterly report on the NCUSIF and the agency's mid-session budget review.

NAFCU is closely following the agency's discussion and plans for ending the stabilization fund and paying rebates to credit unions. Ultimately, NAFCU wants to see credit unions, which have paid $4.8 billion to the stabilization fund as part of the corporate resolution program, receive a maximum rebate (read more about this and related issues). As the board addresses mid-session budget review, NAFCU has also urged the NCUA Board to continue to seek efficiencies and cost savings in its own budget, which is funded solely by credit unions.

Today's open meeting begins with a quarterly report on the NCUSIF, followed by a proposal on emergency mergers. The mid-session budget review follows. The final two items are: 1) a proposal for comment on the closure of the TCCUSF and setting of the NCUSIF normal operating level; and 2) one on NCUSIF equity distributions.

By statute, the NCUA Board sets the NCUSIF's normal operating level; if the fund ends the year with an equity ratio above that, the NCUA is required to return the excess to insured credit unions as a dividend on their 1 percent NCUSIF deposit. This requirement has been on hold during corporate stabilization.

The board held its closed session Wednesday. Today's open meeting begins at 10 a.m.