Mon, Aug 21, 2017
The National Credit Union Administration has now posted the Aug. 9 webinar covering its proposed plan to close the Temporary Corporate Credit Union Stabilization Fund.
The NCUA Board at its July 20 open meeting unanimously approved issuing the proposed plan for public comment. The plan includes raising the Share Insurance Fund normal operating level from the current 1.30 percent to 1.39 percent.
Comments on the proposed plan must be received by Sept. 5. Comments may be submitted by email to firstname.lastname@example.org. The Federal Register notice of the proposed closure plan also includes instructions for submitting comments by fax, mail, courier, or hand delivery. The Association will submit a comment letter based on feedback from a survey of credit unions on the proposed plan.
The proposed plan is expected to result in a Share Insurance Fund distribution of between $600 million and $800 million to credit unions in 2018. At the July open meeting, the Board also approved a Notice of Proposed Rulemaking amending its rule governing insurance fund equity distributions, including those expected to result from closing the Stabilization Fund. Comments on that proposed rule also are due Sept. 5, and instructions for submitting comments are available on the agency’s Proposed Regulations webpage.