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White paper provides decision guidance for prepay plan
WASHINGTON (7/11/11)--The Credit Union National Association has released a comprehensive white paper that will help credit unions assess whether or not they should take part in the National Credit Union Administration’s (NCUA) corporate assessment prepayment plan. The white paper notes that the prepayment plan’s financial benefits may not be broadly felt, but could prove vital for some credit unions. The NCUA’s final prepayment plan was released at a late June board meeting, and the agency has asked credit unions that wish to take part in the plan to submit a completed program agreement by July 29. Credit unions that wish to take part may pledge a minimum of $1,000, or 5 basis points of March 31, 2011 insured shares, whichever is greater. The maximum that can be contributed is 48 bp of those same shares. The agency has set the target size of the program at $500 million, and will not move forward with the plan if less than $500 million is pledged by credit unions. The agency will tally the total amount of credit union commitments on Aug. 9, and, if it moves forward with the plan, will debit the amounts that have been pledged from credit union accounts on Aug. 18. The National Credit Union Administration (NCUA) has officially announced that it will host a free webinar on its voluntary Corporate Stabilization Fund assessment prepayment plan on July 11 at 2 p.m. ET. NCUA Chairman Debbie Matz, Deputy Executive Director Larry Fazio, Examination and Insurance Director Melinda Love, Chief Economist John Worth, and staff attorney Lisa Henderson will give their own insights on the program during a 2 p.m. ET webinar. For the CUNA white paper (CUNA members only), and to register for the NCUA webinar, use the resource links.
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