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News Now

Washington
Temporary corporate CU guarantee extended
ALEXANDRIA, Va. (9/1/10)--New investments in participating corporate credit unions made before Dec. 31, and which have maturities of two years or less, will now be fully covered by the National Credit Union Administration’s (NCUA’s) Temporary Corporate Credit Union Share Guarantee Program (TCCUSGP). The agency announced Tuesday that it has extended the expiration date of its TCCUSGP to Dec. 31, 2012 from Sept. 30, 2012, which was itself an extension. The agency has said in earlier statements that the extensions send a “clear signal” to natural person credit unions that investments in corporate credit unions are not only safe, but also meet sound asset-liability management principles by providing for “orderly laddering of these investments.” Twenty-six of the 27 corporates participate in the guarantee program; Iowa Corporate CU is the one outside of the program. The TCCUSGP 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. Corporate CU Participants in TCCUSGP
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