Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
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.
Other Resources

RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
1 Day ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
1 Day ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
1 Day ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
1 Day ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
1 Day ago