ARLINGTON, Va.–NAFCU is pressing NCUA for clarification on accounting issues should Congress pass legislation creating a Corporate Credit Union Stabilization Fund.
Specifically, said NAFCU, the issue is how credit unions would treat or reverse the present write-down resulting from the impairment of the 1% National Credit Union Share Insurance Fund (NCUSIF) deposit if and when the NCUSIF is no longer impaired.
“While the accounting bulletins and supervisory memorandum that NCUA has issued have been helpful to resolving certain matters, NAFCU has found that many credit unions still remain uncertain about how to reverse the impairment of the NCUSIF 1% deposit upon the implementation of Stabilization Fund,” said NAFCU President Fred Becker. “In fact, some credit unions question whether the impairment can be reversed.”
