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Stabilization Fund Earns Clean 2016 Audit
Friday, March 3, 2017 6:45 AM

The Temporary Corporate Credit Union Stabilization Fund has received a seventh consecutive clean audit opinion, the National Credit Union Administration announced this week. During 2016, the Stabilization Fund’s financial condition remained stable, maintaining sufficient available liquidity to meet its obligations. This was the third consecutive year in which the Stabilization Fund had a positive net position. NCUA’s chief financial officer will provide a detailed report at the March 16 open board meeting.

Managed by the NCUA Board, the Stabilization Fund is a revolving fund in the U.S. Treasury. This fund gives NCUA the necessary flexibility needed to manage costs to the credit union system resulting from losses on faulty mortgage-backed securities purchased by five failed corporate credit unions NCUA liquidated during the financial crisis. 

The Office of the Inspector General’s report and the Stabilization Fund’s financial statements are available online here

With the 2016 Stabilization Fund audit complete, NCUA will soon update its two public website sections detailing Corporate System Resolution Costs and NCUA Guaranteed Notes Program information through the final quarter of 2016. NCUA will produce updated questions and answers covering final 2016 data on the total actual losses and implied write-downs on the failed corporates’ legacy assets and the most recent estimated loss projection ranges.