Newsroom

May 24, 2017

Merger proposal, TCCUSF update slated for NCUA Board today

The NCUA Board today will hear an update on the Temporary Corporate Credit Union Stabilization Fund and consider proposals dealing with voluntary federal credit union mergers, agency appeals procedures and the Supervisory Review Committee during its open meeting.

The open meeting is set for 10 a.m. Eastern, to be followed by a closed meeting at 11:45 a.m. Eastern to consider supervisory matters.

The Supervisory Review Committee is an independent appellate body that reviews supervisory determinations, including CAMEL ratings, loan classifications and denials of technical assistance grants.

NAFCU staff will monitor the meeting and will issue analysis of the three proposals when more details are available.

During last month's board meeting, NCUA Acting Chairman J. Mark McWatters mentioned his proposal to close the TCCUSF early and wrap it into the National Credit Union Share Insurance Fund. NCUA Chief Financial Officer Rendell Jones said research is being done on this idea.

NAFCU also continues to update its "NCUA Money Watch" page, which keeps tabs on the NCUA's budget and finances. NAFCU will provide ongoing updates there on the TCCUSF. Meanwhile, NAFCU has updated its frequently asked questions document on the TCCUSF.