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CUNA site compiles NCUA stabilization program info
WASHINGTON (2/6/09)--The Credit Union National Association (CUNA) has compiled information that may be useful to credit unions regarding the National Credit Union Administration’s (NCUA) Corporate Stabilization Program. A page on the CUNA website provides credit unions with links to the NCUA’s proposed rulemaking for the program, frequently asked questions and additional publications on the matter. CUNA also has provided analyses of the program’s costs on the credit union movement. Credit unions can see how the program will impact the movement as a whole, use a calculation template to see how the costs will affect individual credit unions, or download and examine an Excel file that has the cost estimates for each of the nation's 8,100 insured credit unions. The cost estimates are provided to give credit unions a general feel for the impact of the NCUA's initial plan. The estimate uses September data--the latest CUNA has--so it ignores any growth or changes in financials that occurred, or that will occur subsequently, according to Mike Schenk, CUNA senior economist. “It also assumes the NCUA's initial plan is the one that credit unions will end up with. That is uncertain because NCUA's $3.7 billion guarantee cost was estimated and CUNA, the state leagues, and credit unions are doing everything possible to change the financial equation and make this much more palatable,” Schenk said. The page also includes links to recent News Now stories on the program. News Now will continue to tag stories about the stabilization program with the keyword, “NCUA Corporate Stabilization Program,” which will be placed into an archive accessible to credit unions. For more information and to access the page, use the resource link below.


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