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Matz Merger advice final corp. rule NCUSIF assessmentall coming
ALEXANDRIA, Va. (6/29/10)--National Credit Union Administration (NCUA) Chairman Debbie Matz on Monday previewed the agency’s upcoming regulatory actions, saying that plans to address corporate credit unions and a determination of the National Credit Union Share Insurance Fund (NCUSIF) assessment are all on the near-term agenda. Speaking during a Monday town hall webinar, Matz said that the NCUA’s final rules for corporate credit unions, which were originally scheduled to be released this month, will likely be addressed by September, Matz said. While she did not go into specifics on what those new rules would cover, she did say that the final rule would incorporate a number of suggested improvements. The corporate rules will not be released for a comment period, NCUA staff added. In the event that natural person credit unions do not elect to maintain the current corporate credit unions system, the NCUA said that it does have contingency plans that could be put in place. The past, present and future of the corporate credit union crisis will also be covered by a series of NCUA-created DVDs which will address the many questions and concerns of credit unions regarding the crisis, its resolution, and the future treatment of legacy assets held by those corporate credit unions. The second in that series of three DVDs was published online by the NCUA on Monday, and these guides will be sent in DVD form once all are completed. The NCUA would also likely release its plan for addressing legacy assets held by those corporate credit unions around late summer, not in June as the agency previously hoped. NCUA Deputy Executive Director Larry Fazio said that the legacy assets held by credit unions would be “isolated and funded” to ensure that they are not interfering with the business practices of corporate credit unions as they move forward. While the NCUA earlier this month indicated that the NCUSIF assessment for credit unions would be determined later this year, no concrete statements on the exact number of basis points that that assessment would be were discussed. However, during the call, Matz and NCUA staff said that the assessed amount would fall within prior projections of 15-40 basis points. The NCUA earlier this month assessed a 13 basis point levy on the assets of natural person credit unions. The NCUA will also release guidance for credit unions that are seeking voluntary mergers later this week, Matz added.


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