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September 15, 2017

Duffy to NCUA: 'Every dollar possible' should be returned to CUs

House Financial Services Subcommittee Chairman Sean Duffy, R-Wis., wrote the NCUA Board last week saying that "absolutely every dollar possible" should be returned to credit unions and urged the agency to "withdraw or amend" its current proposal to close the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) to make sure this happens.

Duffy, chairman of the Housing and Insurance Subcommittee, wrote that credit unions in his district have concerns about the NCUA's proposal to close the TCCUSF and raise the National Credit Union Share Insurance Fund's (NCUSIF) normal operating level (NOL) to a "record high level." He wrote that according to his constituent credit unions, the NCUA has not made a "justifiable case" as to why a hike in the NCUSIF's NOL is necessary.

He expressed concerns to NCUA Chairman J. Mark McWatters and Board Member Rick Metsger about the fact that federally-insured credit unions would only receive a small percentage in refunds from the $4.8 billion they have paid in assessments since 2010 – a similar concern shared by NAFCU.