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NCUA Board Proposes Closing Stabilization Fund
Monday, July 24, 2017 6:50 AM

The National Credit Union Administration Board met for its July meeting with Chairman Mark McWatters presiding at his first meeting since his appointment as the agency's 10th chairman. The meeting began with a quarterly report on the National Credit Union Share Insurance Fund (NCUSIF), followed by a proposal on emergency mergers and the mid-session budget review. The final two items included a proposal for comment on the closure of the Temporary Corporate Credit Union Stabilization Fund (TCCUSF), setting of the NCUSIF normal operating level, and a proposal on NCUSIF equity distributions.

During the board briefing on the revised 2017 agency budget, NCUA announced it expects to save $5.8 million in expenditures from its projected 2017 budget.  Three requests for comment were approved including:

  1. A request for public comment on the agency's proposed plan to close the TCCUSF in 2017 and provide credit unions with a Share Insurance Fund distribution in 2018, estimated to be between $600 million and $800 million.
  2. A Notice of Proposed Rulemaking amending the agency's share insurance requirements rule to provide greater fairness, predictability, and transparency, as well as to add a temporary provision to govern share insurance equity distributions related to the Corporate System Resolution Program.
  3. A proposed rule to amend the agency's definition of "in danger of insolvency" to give the agency more flexibility to act in cases of emergency mergers.

Learn more at NCUA News Room.