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NCUA extends temporary corporate guarantee date
ALEXANDRIA, Va. (8/12/09)--The National Credit Union Administration (NCUA) in its most recent update on the status of the corporate credit union system said that it has extended the expiration date of its Temporary Corporate Credit Union Share Guarantee Program (TCCUSGP) until Dec. 31, 2011. The TCCUSGP, which backs up the National Credit Union Share Insurance Fund's (NCUSIF) coverage of all shares--excluding paid-in-capital and membership capital accounts--at corporate credit unions, was scheduled to expire on Sept. 31, 2011. The extension will cover new deposits with maturities of two years or less in participating corporate credit unions made before Dec. 31. In other corporate credit union news, the NCUA said that U.S. Central FCU has “established $8.8 billion in contingent borrowing capability” with the help of the TCCULGP. U.S. Central is also maintaining $7.8 billion in liquidity, and recorded $537 million in other-than-temporary-impairment (OTTI) charges for the second quarter of 2009, reducing its remaining member capital shares to 37% of the original balance. Fellow corporate credit union WesCorp recorded $541.1 million in OTTI charges during the second quarter, and the impact that the Temporary Corporate Credit Union Stabilization Fund is having on the OTTI charges for both corporate credit unions is still being evaluated. For the full NCUA release on the corporates, use the resource link.
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