ALEXANDRIA, Va. (6/25/12)--The National Credit Union Administration's (NCUA) Temporary Corporate Credit Union Stabilization Fund (TCCUSF) has again received a clean audit, the agency announced.
The audit, which was performed by KPMG, LLP, covered the TCCUSF's 2011 financial statements. NCUA Chairman Debbie Matz said the clean audit was "very welcome news." The NCUA in a release noted it has improved its own internal controls, and has continued to strengthen the systems needed to handle the TCCUSF's many complex transactions, including those related to the NCUA Guaranteed Notes.
These improvements allowed the auditors to complete their examination of the TCCUSF statements six months earlier than they were completed in 2011, and Matz said the 2012 TCCUSF audits should be made in a similarly timely fashion next year.
Matz in a Friday statement said the agency is currently updating loss projections for the corporate credit union system resolution. The projections will be issued by the end of this month, she added.
Credit Union National Association (CUNA) Chief Economist Bill Hampel said he is reviewing the latest NCUA TCCUSF financials to determine what they imply for the remaining assessments to be paid by credit unions.
The agency last year assessed a 25 basis point (bp) TCCUSF premium for 2011, and the 2012 TCCUSF assessment could be discussed at the agency's upcoming July open board meeting.
NCUA Director of Examinations and Insurance Larry Fazio recently said the 2012 assessment is expected to be "within the range of 8 to 11 basis points as provided back in November 2011 for credit union budgeting purposes." CUNA earlier this year predicted the 2012 corporate stabilization assessment would be around nine bp of insured shares.
For the NCUA release, use the resource link.