Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Corp. CU update NCUA begins stabilization process
ALEXANDRIA, Va. (6/8/09)--The National Credit Union Administration (NCUA) in its most recent update on the status of the corporate credit union system said that it has begun to use the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) to cover corporate stabilization-related expenses. In a Tuesday press release, the NCUA said that the implementation of the TCCUSF will allow natural person credit unions to “reflect a fully restored National Credit Union Share Insurance Fund (NCUSIF) deposit on their June 30 call reports.” According to the release, the TCCUSF has relieved the NCUSIF “from any reserve requirements” related to U.S. Central FCU’s capital note by paying $1 billion into the NCUSIF. The TCCUSF will also now oversee the Temporary Corporate Credit Union Share Guarantee Program (TCUSGP) and the Temporary Corporate Credit Union Liquidity Guarantee Program (TCCULGP), the NCUA added. The majority of corporate credit unions have agreed to take part in the TCCULGP, the NCUA said. The NCUA also updated the status of U.S. Central and Western Corporate Federal Credit Union (WesCorp), reporting that “normal operations” at those two credit unions “continue without interruption.” WesCorp announced that it expects to recognize a 30% reduction in operating costs this year due to a number of cost cutting measures, including “consolidations and staff reductions,” the release said.
Other Resources

RSS print
News Now LiveWire
.@lisamurkowski @SenatorEnzi @SenJohnBarrasso are latest to weigh in on NCUA risk-based capital proposal. See #NewsNow tomorrow for more
28 minutes ago
Now up on News Now: Fed stays course on taper, interest rates http://t.co/6DntsW58vA
2 hours ago
Positive performance indicators and the potential for rising interest rates in @TheNCUA 's latest economic update. http://t.co/yptPbIGvnU
5 hours ago
The @CFPB has launched a nationwide effort to provide financial education. http://t.co/sF3FXHpv3k
5 hours ago
See @CUNA's @SchenkMike on TheStreet discussing a new surge consumer confidence http://t.co/SqjarTBLCQ
6 hours ago