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NCUA notes proactive approach to crisis in 2008-09 report
ALEXANDRIA, Va. (12/6/10)—The National Credit Union Administration (NCUA) in its 2008-2009 annual report noted that its “proactive approach” to the financial crisis that threatened both the credit union system and the economy as a whole “reaffirmed public trust in the credit union system’s safety and soundness, positioning credit unions to emerge from the crisis with public confidence intact.” The report, entitled Stability Through the Crisis, serves as the NCUA’s official report to the President and Congress, and covers the NCUA and credit union operations. The report also tabulates 10 years of financial trends for credit unions and the National Credit Union Share Insurance Fund, the NCUA said in a release. The NCUA added that the report also carries forward the complete audited financial statements of all funds managed by the NCUA. The proactive approach, according to the NCUA, included actions to stabilize the corporate credit union system such as increasing its Central Lending Facility (CLF) lending limit to $41.5 billion and creating the Temporary Corporate Credit Union Liquidity Guarantee Program. The NCUA also increased the federal member share account limit to $250,000 and helped the corporate system “continue to meet the needs of its member credit unions” by conserving the two largest corporates, U.S. Central FCU and Western Corporate FCU, in 2008. The agency followed up on those actions in 2009 by creating the Temporary Corporate Credit Union Stabilization Fund to help cover corporate losses and creating new corporate credit union rules to prevent such losses from happening again. The NCUA’s experience during the “years of crisis” showed “the value of rigorous regulation, diligent oversight, and a robust insurance fund,” NCUA Chairman Debbie Matz said. The NCUA’s increased supervision “contributed significantly to the credit union system’s ability to withstand the extraordinary economic shocks over the past two years. Working together, our proactive approach reaffirmed public trust in the safety and soundness of credit unions, and positioned the industry to emerge from the crisis in the coming years,” she added. For the full release, use the resource link.
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