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NAFCU's Carrie Hunt thanked the NCUA Board for its continued focus on transparency in response to the agency's announced recovery of $445 million from UBS in compensation for losses to corporate credit unions related to purchases of faulty mortgage-backed securities.

The NCUA announced Monday that on behalf of U.S. Central Federal Credit Union and Western Corporate Federal Credit Union, it has received $445 million from UBS. In April 2016, the agency recovered $79.3 million from UBS for losses sustained by two other corporate federal credit unions, Members United and Southwest.

"NAFCU and our members thank NCUA Board Chairman J. Mark McWatters for his continued efforts on this critical issue," said Hunt, NAFCU's executive vice president of government affairs and general counsel. "NAFCU supports the consideration of all options for a direct refund to credit unions from the stabilization fund."

During last month's NCUA Board meeting, McWatters again 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 noted that research is being done on this idea.

The NCUA's recoveries have now grown to nearly $4.8 billion. The recoveries in suits over MBS will offset the total costs to credit unions of the corporate stabilization program.

NAFCU continues to urge the NCUA to explore any options that would allow the agency to issue Temporary Corporate Credit Union Stabilization Fund rebates to credit unions before 2021, when the fund is scheduled to close. Credit unions have paid $4.8 billion in assessments since the creation of the fund in 2009; no further assessments are expected.

NAFCU 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.

NCUA still has pending litigation against various residential MBS trustees and LIBOR banks related to corporate credit union losses.