ALEXANDRIA, Va.-NCUA will consider separating assessments and the timing of credit union payments for the NCUSIF and the Temporary Corporate Credit Union Stabilization Fund at its June board meeting, chairman Debbie Matz announced last week.
"Separating these two assessments would help improve the transparency of NCUA's assessment process and, at the same time, improve the accuracy of credit unions' budget estimates," Matz said during a speech at the Wisconsin Credit Union League's 76th Annual Convention.
"This separation would not increase the total amount of payments. It would clarify exactly what each payment is for." The Share Insurance Fund assessment covers losses at natural-person credit unions, and the Corporate Stabilization Fund assessment covers losses at corporate credit unions."
Last year the assessment for the corporate fund was combined with the usual NCUSIF assessment, leading to some confusion as to where the funds were going, Matz explained.
The corporate fund was created to cover corporate losses over the course of seven years, as opposed to paying for them in a single assessment.
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