ALEXANDRIA, Va. – NCUA has released the 2010 audited financial statements for the Temporary Corporate Credit Union Stabilization Fund, saying the statements received an unqualified or “clean” audit opinion from KPMG LLP.
“We knew that the volume, complexity, valuations, and accounting requirements associated with the Stabilization Fund’s establishment and the NCUA Guaranteed Notes program’s implementation would create unprecedented hurdles for the 2010 audit,” said NCUA Board Chairman Debbie Matz in a statement. “As a financial services regulator, NCUA takes financial audits very seriously. We therefore decided it was most important to take the time to deliver a high-quality financial report.”
KPMG did issue one finding related to the timeliness of producing financial statements for the Stabilization Fund, and called on the agency to produce more timely reporting in the future.
The Stabilization Fund was created in 2009 following Congressional approval to provide NCUA with the ability to manage the impact of the costs to credit unions associated with troubled mortgage-backed securities purchased by the five failed corporate credit unions.
