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Matz updates status of NCUA financials
ALEXANDRIA, Va. (5/3/10)--National Credit Union Administration (NCUA) Chairman Debbie Matz last week disclosed that the NCUA “has been working diligently with two independent firms to ensure that the agency’s financial statements will be presented with complete accuracy and transparency.” In remarks delivered before the Illinois CU League’s annual convention, Matz said that the audit information for the NCUA’s 2008 and 2009 fiscal years was delayed due to recently enacted rules “governing the presentation of commercial financial statements.” “To this day, accountants still have differences of opinion about how to interpret the new rules, and about whether or not they apply to federal regulators,” Matz said, adding that, through her comments, she intended to “put an end to unfounded speculation over why NCUA’s audits have been delayed.” Matz said that the delay “is in no way related to the health of the National Credit Union Share Insurance Fund (NCUSIF)” and assured stakeholders that “the federal Share Insurance Fund remains strong and robust.” NCUA Chief Financial Officer Mary Ann Woodson reported on the NCUSIF at the NCUA’s April 29 board meeting. Many of the statistics in the report remained steady, but Woodson noted slight increases in the number of CAMEL Code 3, 4 and 5 credit unions, with the percentage of total insured shares held by those credit unions decreasing slightly since the start of 2010. There are currently 349 CAMEL 4 and 5 credit unions, which represent 5.68% of insured shares. The Credit Union National Association’s senior vice president and deputy general counsel Mary Dunn said that the NCUA’s update on the status of the financials is helpful. CUNA encourages NCUA to provide a through explanation to the system regarding the delay when the financials are actually released.” The NCUA delay also “illustrates that the issue of how to interpret a number of accounting issues is as real for the NCUA as it is for credit unions, and examiners should appreciate that flexibly is as appropriate for credit unions as it is for NCUA,” Dunn added. For the full NCUA release, use the resource link.
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