NCUA Corporate Stabilization Program
The following are resources we have assembled for your convenience
regarding the NCUA’s Corporate Stabilization Program. We will be
updating this page regularly to ensure the most current resources are
available, so please check frequently. We have
highlighted in red the tools that may be most helpful to you
at this time. NOTE: Some items on this page may be password
protected. Contact Christine
Henzig or Chad Helminak at (800) 242-0833 if you have trouble
accessing something.
LATEST UPDATES
Original CU plaintiffs ask to drop out of WesCorp
suit (9/3/10)
Temporary Corporate CU guarantee extended
(9/1/10)
NCUA files amended complaint in WesCorp suit
(9/1/10)
Members United Corporate records more losses in July
(8/30/10)
League Resources
Facts regarding NCUA's
actions
The NCUA's Guarantee Stabilization Plan pertains
only to corporate credit unions - not to the natural person credit
unions where Wisconsin consumers deposit their paychecks and borrow for
their homes or cars.
Overall, the credit union system is healthy and
sound. Consumers’ money is safe in a credit union.
Deposits at all Wisconsin credit unions are federally insured to
$250,000 by insurance that is backed by the full faith and credit of the
United States.
Credit unions are still actively extending credit, keeping the nation's
lending wheels in motion when many other financial institutions have cut
back.
All the dollars used for the Stabilization Plan come from reserves
completely funded by credit unions and set aside for times of
need.
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Talking Points for Credit Unions
2010
For use internally - to explain Corp.
Stabilization & NCUSIF assessments
Talking Points to address staff
Talking Points to address your board
2009
For use with the public
Talking
points re: NCUA's decision on US Central CU and WesCorp
CU
Talking points re: Launch of Corporate
Stabilization Plan
For use internally
Talking points re:
NCUA's decision on US Central CU and WesCorp CU
Talking points use re: Launch of Corporate
Stabilization Plan
Sample Communications
Sample newsletter text (Corp.
Stabilization & NCUSIF Assessments, 2010)
Sample member statement re: Launch of
Corporate Stabilization Plan
Sample news release re: Launch of Corporate
Stabilization Plan
Graphic re: US Credit Union
System
Assistance with Cost Estimates
Contact The League's Senior Consultant Bill Rockeman at (800)
242-0833.
Other
Comments to NCUA's ANPR View letter
CUNA Resources
Information
CUNA comment letter to NCUA Board regarding NCUA
corporate reform proposal (3/5/10)
CUNA letter to NCUA chair regarding CU capital
(11/4/09)
CUNA's NCUA board meeting summary addressing Corporate,
NCUSIF premium assessment (9/24/09)
CUNA Summary of
NCUA PIMCO FOIA Documents Released July 2, 2009 (See under "Hot
Topics," login required)
CUNA Summary of NCUA Corporate Stabilization Fund
Implementation Letter to Credit Unions (password protected on
CUNA's site)
PIMCO Report is available online
Information re: AICPA Guidance on
CU financial reporting as a result of NCUA's Corporate CU
Stabilization
Information
re: Financial reporting issues related to NCUA's Corporate Stabilization
program
Information
re: Evaluation of Capital Investments in Corporate Credit Unions for
other-than-temporary impairment
Sample Communications
Communication materials re: Corporate Stabilization
Plan
Webinars and Audioconferences
Archive
of 2/4/09 audio conference (password protected on
CUNA's website)
Handouts
from 2/4/09 audio conference in PDF format
CUNA NewsNow Coverage
(9/3/10) Original CU plaintiffs ask to drop out of WesCorp
suit
(9/1/10) Temporary Corporate CU guarantee extended
(9/1/10) NCUA files amended complaint in WesCorp suit
/(8/30/10) Members United Corporate records more losses in
July
(8/11/10) CUNA comment urges legacy asset, corp CU rule
action
(8/10/10) Constitution Corporate OTTI charges at $2.8M
(8/6/10) Members United Corp. overstated OTTI by $1.2M
(8/4/10) Corporate Central members commit $50M to PIC
(8/4/10) Southeast Corporate's members speak out on corporate
value
(8/3/10) Southwest Corporate OTTI losses increase
(8/3/10) U.S. Central records $39M net loss for Q2
(7/28/10) Retained earnings absorb Southeast Corporate's
OTTI
(7/27/10) Corporate Stabilization Fund gets clean 2009
audit
(7/26/10) Southwest Corporate asks S&P to pull rating
(7/21/10) Matz: NCUSIF operating level should not drop below
1.2%
(7/21/10) Midwest Corporate members move correspondent services to
CUSO
(7/21/10) Court action could make NCUA plaintiff for WesCorp
claims: CUNA
(7/15/10) New corporate structure proposal shifts business
model
(7/15/10) A third NCUA July closed meeting is scheduled
(7/12/10) Mid-Atlatic Corporate has new cap structure,
consolidates
(7/8/10) NCUA schedules special closed board meeting July
30
(7/7/10) Mid-Atlantic Corporate reaches $115M in capital
conversions
(7/2/10) CUNA projects premium at 6-10bp this year
(6/28/10) WesCorp plaintiffs oppose NCUA substitution as
plaintiff
(6/29/10) OTII projections improve at Members United
Corporate
(6/24/10) NCUA should mirror FDIC's flexible approach, CUNA
says
(6/23/10) Fitch affirms ratings of corporate CUs
(6/22/10) NCUA to CUs: assessement decision was not taken
lightly
(6/21/10) NCUA schedules closed board meeting for June 24
(6/18/10) NCUA assesses 13-bp charge to repay corporate CU
coverage
(6/3/10) NCUA extends corporate share coverage through Sept.
2012
(6/2/10) WesCorp is back in the black
(6/2/10) Southwest Corporate reports more OTTI charges
(5/21/10) NCUA releases SAFE Act rule, extends TCCULGP
dates
(5/20/10) Members United Corporate adds OTTIs in April
(5/20/10) Corporate One announces new board, officers
(5/14/10) NCUA to consider splitting share insurance, corp.
fees
(5/14/10) Fitch announces ratings for U.S. Central
(5/14/10) Constitution Corporate Q1 financials reported
(5/7/10) Corporate One releases financial statements for
March
(5/7/10) Southwest Corporate announces March 2010
financials
(4/28/10) Members United Corp. delays 1Q financials to end of
May
(4/23/10) Corporate CU requirements on NCUA agenda
(4/23/10) US Central revises 4Q Financials
(4/9/10) CUNA forms Corporate CU Next Steps Working Group
(3/24/10) CUNA applauds NCUA 'legacy asset' timetable
(3/10/10) With tweaks, Corporate plan protects system:
CUNA
(3/2/10) US Central depletes capital
(2/23/10) CUNA Task Force calls for new corporate model
(1/25/10) NCUA session features frank talk about corporate
plan
(1/6/10) Members United Corporate announces '08
financials
(12/10/09) Comments on NCUA Corporate Plan due March 9
(11/23/09) NCUA new CAMEL 3 reports aimed at preventing
troubles
(11/20/09) Comprehensive corporate plan out for 90-day comment
period
(11/17/09) NCUA looking at legal issues of 'legacy assets'
(11/16/09) Matz to AACUL: NCUA to help CUs manage higher
risks
(11/13/09) Corporate CU plan, 1% deposit on NCUA meeting docket
Nov. 19
(11/11/09) NCUA premium assessment bills in the mail next
week
(11/05/09) CUNA urges different treatment of CU capital investments
in corporates
(10/27/09) Members United Corporate reserves $281.5M for more
losses
(10/23/09) Corporate CUs, alternative capital are stars of NCUA's
Town Hall meeting
(10/21/09) Corporate Central sues U.S. Central over "excess
capital"
(9/23/09) Matz interview: mid-November is target for new Corporate
CU proposal
(9/21/09) NCUA follow-up says substantial Corporate impairment is
"likely"
(8/12/09) CLF, NCUA consider shifting US Central stock
ownership
(8/12/09) NCUA extends temporary Corporate guarantee date
(8/10/09) Corporate Central's PIC offering nets $47
million
(7/3109) WesCorp's June Financials: An OTTI hit of $541M
(7/17/09) NCUA to woo investors through corp CU program
changes
(7/14/09) NCUA releasing more U.S. Central, WesCorp info
(7/9/09) NCUA FOIA reports detail early response to corp. CU
crises
(7/8/09) Corp. CU update: NCUA begins stabilization
process
(6/25/09) NCUA: What Corporate reform could look like
(6/24/09) NCUA covers Corporate CU concerns in letter,
webinar
(6/23/09) Fryzel: NCUA committed to Corporate system
improvements
(6/19/09) NCUA approves corporate stabilization actions
(6/16/09) NCUA to address writedowns in Corporate Stabilization
discussion
(6/15/09) Agency guidance on Corporate Stabilization
expected
(6/9/09) Corporate restructure plan may be out this fall
(6/8/09) NCUA update: TCCUSGP participation picks up
(6/5/09) Redacted PIMCO report posted online
(6/2/09) NCUA sets webinar on new law implementation
(5/26/09) Fryzel: S. 896 is a turning
point for CUs
(5/26/09) NCUA issues guidance on
PIC, MCA, updates corporate status
(5/22/09) Impact of stabilization law
being weighed by NCUA
(5/22/09) NCUA extends corporate CU
liquidity guarantee program
(5/22/09) CU SIP investments excluded
from fidelity bond calculations
(5/21/09) President's pen turns Corporate Stabilization Bill into
law
(5/20/09) House, Senate pass
Corporate Stabilization bill
(5/19/09) Lavage is CUNA
witness on corporate stabilization
(5/18/09) NCUA guidance on
PIC, MCA out this
week
Stabilization plans must address CU
concerns--CUNA
(5/14/09) Kanjorski offers
corporate CU stabilization bill
U.S. Central quarterly financial report
posted
(5/13/09) House panel to
discuss corporate stabilization
(5/11/09) NCUA issues
another advisory about corporate losses
(5/7/09) CU stabilization,
insurance fund mods clear Senate
(5/6/09) EasCorp to
participate in NCUA share guarantee program
(5/5/09) House members
promise action on bill with NCUA stabilization plan
Fryzel encourages dialogue with NCUA, CUs on
corporates
(5/4/09) NCUA releases
results of MBS reviews
(5/1/09) CUNA writes letter
in support of NCUSIF amendment
(4/27/09) NCUA advisory
addresses changes to Corporate Share Guarantee Program
(4/22/09) Corporate
CU share guarantee extended
(4/15/09) NCUA says
guidance coming on 'extinguishment'
(4/10/09) NCUA provides
deeper info on corporate analysis
(4/09/09) More accounting
guidance sent to NCUA examiners
(4/06/09) Limited
services, smaller numbers among CUNA recommendations
(4/06/09) NCUA memo guides
on delaying NCUSIF write-downs
(3/27/09) CUNA urges NCUA board for more information
(3/27/09) Objectives OK, but CUNA has questions about
NCUA plan
(3/27/09) New NCUA bill would spread out
replenishment
(3/26/09) CUs urged: Contact NCUA before corporate
action today
(3/26/09) Eight corporates' ratings reaffirmed with some
changes
(3/25/09) No new conservatorships on the horizon:
NCUA
(3/25/09) NCUA releases PIMCO FAQs on
conservatorships
(3/24/09) NCUA to consider corporate CU issues
Thursday
(3/22/09) NEW: CORPORATE CUs: Corporate costs must be
spread out, Mica says
(3/17/09) CUs want TARP back up for NCUSIF: CUNA
survey
(3/11/09) CUs get accounting guidance for corporate plan
costs
See
CUNA's archive of newsrchive of CUNA NewsNow Coverage
NCUA Resources
Information
Letter to Credit Unions (10-CU-09)
regarding Temporary Corporate CU Stabilization Fund
Assessment (June 2010)
NCUA Board Meeting Summary - funding Stabilization
Program & Guarantee Program (5/20/10)
Matz Remarks at League's 76th annual
convention (corporate comments begin on page 5)
Matz Statement on proposed corporate reform
(11/19/09)
Matz Speech at AACUL Annual Meeting (11/13/09)
Letter to Credit Unions: Premium Assessments
(10/09)
Premium Assessments - Attachment 1
Premium Assessments - Attachment 2
US Central 2008 Financials - FAQ (9/9/09)
NCUA PIMCO FOIA
Documents Released July 2, 2009 (See under "Hot Topics," login
required)
Letter to Credit Unions (09-CU-14) regarding
implementation of Corporate Stabilization Plan
Letter to Credit Unions: Matters
related to "paid-in" capital and "membership capital" of corporate
credit unions (5/22)
Fact sheet: Changes to Temporary Corporate Credit Union
Liquidity Guarantee Program (5/21)
Information re: Accounting
Bulletin No. 09-2
FAQs
re: Corporate Stabilization Program
Information
re: Accounting Bulletin No. 09-1, February 2009
Information
re: Letter to Credit Unions
Fact
Sheet: Temporary Corporate Credit Union Share Guarantee
Program
Fact
Sheet: Capital Note Terms Notice
Information
re: Advanced Notice Proposed Rule Making (ANPR)
Information
re: Advanced Notice Proposed Rule Making (ANPR) - Federal
Register
Information re:
PricewaterhouseCoopers Corporate Credit Union Report
Summary
Press Releases
NCUA Media Advisory: NCUA Schedules Special Board
Meeting (closed - for Aug. 3) (7/30/10)
NCUA Media Release: Third NCUA Corporate DVD now
available online (7/28/10)
NCUA Media Advisory: Corporate Stabilization Fund
Receives Unqualified Audit Opinion for 2009 (7/26/10)
NCUA
Media Advisory: Matz to NAFCU: Managing Risk, Preventing Losses Will
Reduce CU Insurance Fees (7/22/10)
NCUA: Media Release: NCUA schedules pecial board
meeting (July 21)
NCUA: Media Release: NCUA schedules special board
meeting (July 30)
NCUA: Media Release: NCUA files notice of claim for
losses at U.S. Central FCU (7/1/10)
NCUA: Media Advisory: Second NCUA Corporate DVD Now
Posted Online (6/28/10)
NCUA: Media Advisory: NCUA Schedules Special Closed
Board Meeting Thursday, June 24 (6/18/10)
NCUA: Media Adisory: Matz Statement on Stabilization
Fund Assessment (6/17/10)
NCUA: Media Advisory: NCUA video explains corporate
crisis in plain English (6/9/10)
NCUA: Media Release: Temporary Corporate CU Share
Guarantee Program Extended (6/2/10)
NCUA: Media Advisory: Matz Marks Anniversary of
Stabilization Fund, Looks to Future (5/20/10)
NCUA: Media Advisory: NCUA Virtual Town Hall Set for
June 28 (5/13/10)
NCUA: Media Advisory: Matz Ensures Transparency of NCUA
Financials (4/30/10)
NCUA: Media Release: Matz Shares Insights on Future of
Corporate Credit Unions (4/9/10)
NCUA: Media Advisory: Matz Shares Progress Toward
Corporate Resolution Plan (3/23/10)
NCUA: Media Release: Temporary Corporate Credit Union
Share Guarantee Program Extended (3/4/10)
NCUA: Media Advisory: Temporary Corporate Credit Union
Share Guarantee Program Extended (11/23/09)
NCUA: Media Advisory: NCUA proposes landmark corporate
reforms, new rule would strengthen corporate CU system
(11/19/09)
NCUA: Media Advisory: Matz statement on progress since
Nov. 5 meeting on corporate CU capital depletion (11/16/09)
NCUA: Media Advisory: NCUA Strengthening Supervision in
Key Risk Areas (11/13/09)
NCUA: Media Advisory: Matz statement following corporate
meeting (11/5/09)
NCUA: Media Release: Corporate Credit Union Update
(11/2/09)
NCUA: Media Release: Matz Sets Corporate Meeting,
Capital, Rulemaking on Agenda (10/16/09)
NCUA: Media Release: Town Hall Set for Oct. 22
(10/15/09)
NCUA: Media Advisory: Chairman Matz Statement on
Corporate Capital (9/14/09)
NCUA: Media Release: Statement on US Central Audit
Release (9/11/09)
NCUA: Media Release: NCUA to hold CLF Policy and Stock
Ownership Webinar (8/6/09)
NCUA: Media Advisory: NCUA announces Central Liquidity
Facility Investment Policy Changes (7/31/09)
NCUA: Media Advisory: NCUA to release External Portfolio
Valuations for U.S. Central and WesCorp (7/13)
NCUA: Corporate Credit Union Update (7/7)
NCUA: Weekly Corporate Credit Union Update (6/5)
NCUA: Weekly Corporate Credit Union Update
(5/29)
NCUA: Weekly Corporate Credit Union Update
(5/22)
NCUA: Media Advisory: Fryzel Announces Extension of
Temporary Corporate Credit Union Liquidity Guarantee Program
(5/21)
NCUA: Weekly Corporate Credit Union Update
(5/15)
NCUA: Weekly Corporate Credit Union Update (5/8)
NCUA: Fryzel Statement on Senate Passage of NCUA
Corporate Stabilization Plan
NCUA: Weekly Corporate Credit Union Update (5/1)
NCUA:Weekly Corporate Credit Union Update (4/24)
NCUA: Corporate Credit Union Share Guarantee Program
Revised, Extended (4/21)
NCUA: Weekly Corporate Credit Union Update
(4/17)
Press release: Weekly Corporate Credit Union Update
(4/3)
Press
release: NCUA Accounting Bulletin, New Corporate Stabilization FAQs
Issued (4/2)
Press release: NCUA provides Corporate CU Update
(3/27)
Press Release: NCUA Approves Plan to Spread
Replenishment or view
statutory language
Press
Release: NCUA Board Approves Corporate Stabilization
Efforts
Press Release: NCUA Conserves U.S. Central and Western
Corporate Credit Unions
Press Release: NCUA Approves Plan to Spread
Replenishment
Press Release: Corporate Credit Union Update
NCUA Webcasts
Archived Town Hall (6/28/10)
Archived presentation (6/24/09)
Archived
presentation (3/23/09)
Share Insurance TV Ad Campaign
Press Release: NCUA unviels Share Insurance TV Ad
Campaign
Materials: Download videos and share insurance items
For more information, contact The League at (800) 242-0833
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