The League Site

NCUA Corporate Stabilization Program


The following are resources we have assembled regarding the NCUA’s Corporate Stabilization Program, and to keep you informed about the Share Insurance Premiums credit unions are paying to keep credit unions' insurance fund operating at a safe level. 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 DEVELOPMENTS


NCUA: Goldman Sachs refuses to honor tolling contract (CUNA News Now, 3/26/12)

Tolling affecting timing in RBS suit, says NCUA (CUNA News Now, 3/26/12)

Temporary Corporate Credit Union Share Guarantee Expires December 31, 2012 (NCUA Letter to Credit Unions 12-CU-03)

TCCUSGP scheduled to end Dec. 31 (CUNA News Now, 3/21/12)

Judge strikes several WesCorp officials' defenses (CUNA News Now, 3/20/12)
 


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.

   

League Email notices on Corporate issues
Voluntary Pre-payment of Corporate CU Fund Assessments Proposed (5/20/11)
CUNA anticipates decrease in combined estimated costs for Corp. Stabilization Assessment and Share Insurance Fund Premium (3/24/11)
NCUA Board announces combined estimated costs for Corporate Stabilization Assessment and Share Insurance Fund Premium in 2011 (11/18/10)
NCUA Announces Insurance Fund Premium (9/16/10)


League News articles on Corporate actions 
Federal regulator announces cost estimates to strengthen CU system (Dec. 2010)
Federal regulators' action on corporate CUs will affect credit unions through 2021 (Sept. 2010)


Comparison of restorative costs for CU vs. banking industries
CUNA Chief Economist Bill Hampel and his Research and Analysis staff compared the NCUSIF with the FDIC

 

Government Accountability Board
GAO report on NCUA (Jan. 4, 2012)

 


Sample Communications


League Memo: Voluntary Corporate Pre-payment Plan Basics (background & summary to share with CU board members)
Graphic re: US Credit Union System


Assistance with Cost Estimates
Contact The League's Senior Consultant Bill Rockeman at (800) 242-0833.

 

CUNA RESOURCES

 

Information

CUNA Summary of GAO report on NCUA (1/4/12)
CUNA Comment Call: Proposed Technical Admendments to Corporate Credit Union Rule (9/22/11) - reply by 9/30/11
CUNA's NCUA Board Meeting Summary (8/29/11)
CUNA White Paper - NCUA Pre-Payment Plan (July, 2011)
CUNA letter to NCUA urging changes to its Voluntary Pre-Paid Assesssments Program (7/1/11)
Q&A & comment call regarding NCUA's Voluntary Pre-payment of Corporate Assessments program (5/24/11)
CUNA White Paper on the outlook for corporates' legacy assets being funded through the Corporate Stabilization Fund: studies on the assets, how costs to CUs have been estimated & factors that will determine the final losses (4/7/11)
CUNA statement to the U.S. Senate Banking Committee on the state of the credit union industry, with commentary on Corporate Stabilization stating on page 14 (12/9/10)
CUNA letter to NCUA supporting the interim final rule that amended the definition of low-risk assets to include investment in debt instruments fully guaranteed by NCUA (11/29/10)
CUNA letter to NCUA Board members urging an increased, 90-day comment period on the new Corporate CU proposal (11/23/10)
CUNA Letter to NCUA Commenting on Proposed IRPS: Corporate Credit Union Chartering (11/1/10)
CUNA Analysis: Changes to Final Corporate Credit Union Rule, updated  (10/20/10)
CUNA Regualtory Comment Call: Proposed IRPS: Corporate Credit Union Chartering (10/8/10)
CUNA's Summary of NCUA's Corporate Credit Union Rule (10/5/10)
CUNA Corporate Next Steps Working Group Report (9/20/10)
CUNA comment letter to NCUA Board regarding NCUA corporate reform proposal (3/5/10)
CUNA Corporate Working Group Resources - Task Force Report, Message from Dan Mica (2/23/10)
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

 

CUNA NewsNow Coverage

 

(03/26/12) NCUA: Goldman Sachs refuses to honor tolling contract
(03/26/12) Tolling affects timing in RBS suit, says NCUA
(03/21/12) TCCUSGP scheduled to end Dec. 31
(03/20/12) Judge strikes several WesCorp officials' defenses
(03/15/12) NCUA, Goldman Sachs hearing set for today
(03/15/12) WesCorp officials' motion for indemnification, costs dismissed
(03/12/12) HSBC, NCUA settle on corporate CU losses
(02/28/12) Court grants more time in NCUA v. Wachovia MBS lawsuit
(02/22/12) Mass. court ruling props up MBS suits, says NCUA
(02/14/12) NCUA urges courts to continue its suits vs. Goldman, RBS
(02/13/12) Catalyst Corporate announces town hall webinar
(02/10/12) CU Direct Corp. pays dividend for 7th consecutive year
(02/07/12) Mid-Atlantic and VACORP complete merger
(02/06/12) Judge orders NCUA to 'show cause' in Wachovia case
(02/02/12) VolCorp., W. Va. Corporate receive members' merger approval
(02/01/12) NCUA 'disappointed' at tentative dismissal in RBS suit
(01/31/12) Catalyst Corporate begins second round of town hall meetings
(01/30/12) Corporate One expands hours
(01/27/12) JP Morgan uses suit vs. WesCorp officials in case
(01/27/12) WesCorp settlement conference set for Feb. 27
(01/27/12) VolCorp, W.Va Corporate merger Ok'd by NCUA
(01/25/12) U.S. Central ACH users should prep for change: NCUA
(01/25/12) Reg actions aren't the basis for WesCorp suit dismissal, court says
(01/20/12) SunCorp plans town hall meetings, webinar on status
(01/19/12) Southeast Corporate, Corporate One sign merger pact
(01/12/12) Kentucky Corporate chooses LT for correspondent services
(01/12/12) NCUA unveils plan to wind down U.S. Central ACH operations
(01/12/12) Reg actions cannot be used as WesCorp defense, NCUA claims
(01/10/12) Southeast Corp. CUSO reaches $1B in assets managed
(01/05/12) GAO says more info on corporate CU loss estimates needed
(12/30/11) LendingTools, ViewPointe to offer corporate CU settlement
(12/30/11) Catalyst Corporate sets town hall meeting schedule
(12/28/11) Corporate resolution, NGN sites available at NCUA
(12/28/11) Clean audit given to NCUA's Stabilization Fund for 2010
(12/27/11) Corporate Central CU names exec committee
(12/27/11) NCUA to wind down U.S. Central Bridge Corporate's payment services
(12/22/11) U.S. Central Bridge Corporate to unwind payment services
(12/20/11) Judge directs NCUA, RBS to negotiate settlement on WesCorp
(12/16/11) Catalyst Corporate successful bidder for Western Bridge's assets
(12/12/11) Dischler replaces retiring Forsythe on Corp. Central board
(12/06/11) Catalyst Corp hits well-capitalized status early
(11/29/11) Wells Fargo is latest big bank to see NCUA legal action
(11/16/11) NCUA argues against paying WesCorp exec legal fees
(11/14/11) Citigroup, Deutsche Bank settle with NCUA on Corp. CU losses
(11/10/11) Matz hints 2012 NCUA budget may increase - slightly (also notes expected corporate & insurance fund costs)
(10/18/11) Corporates, 2012 budgets topics of Nov. 9 NCUA webinar
(10/07/11) FirstCorp CEO resigns, Harden named Interim CEO
(10/06/11) Alloya Corporate organizes, selects officers
(10/03/11) Catalyst Corporate focuses on long-term solution
(09/27/11) TCCUSF payments due today
(09/26/11) CUNA seeks comment on agency corporate changes
(09/23/11) NCUA OKs new corporate CU office authorities
(09/20/11) NCUA updates Western Bridge members on recent actions
(09/16/11) SunCorp announces success in raising $60M+ capital
(09/12/11) Agency reminds CUs: TCCUSF payments due Sept. 27
(09/09/11) NCUA OIG: Agency action could have prevented Corp. CU failure
(09/06/11) Corporates PayNet a no-go, prompts NCUA contingency plans
(09/06/11) Organizations, vendors view for CUs' correspondence services
(09/03/11) Fitch affirms Southeast Corporate rating
(09/03/11) WesCorp officers offer arguments in NCUA case
(09/03/11) Western Bridge members' service will be uninterrupted - NCUA
(09/01/11) Alloya Corporate exceeds capital requirement
(09/01/11) As expected, GA Corporate board votes yes to merger
(08/31/11) SW Bridge Corporate members vote to merge with Ga. Corporate
(08/30/11) New: NCUA votes to assess 25bp for corporate fund
(08/30/11) Corp. assessment set at 25bp, 2012 NCUSIF premium unlikely

For complete coverage, see CUNA NewsNow archive

 

 

NCUA RESOURCES

 

NCUA's Corporate System Resolution Home Page
NCUA's Guaranteed Notes (NGN) program


 

Letters to Credit Unions

 

(12-CU-03) Temporary Corporate Credit Union Share Guarantee Ends December 31, 2012
(12-CU-02) Transitioning U.S. Central Bridge Federal CU ACH services (January 2012)
(11-CU-16) State of the Credit Union Industry (October 2011)
(11-CU-14) Temporary Corporate Stabilization Fund Assessment (September 2011)
(11-CU-08) Voluntary Prepayment of Assessments Program (June 2011)
(11-CU-07) State of the Credit Union Industry (June 2011)
(11-CU-03) State of the Credit Union Industry (March 2011)
(10-CU-26) Evaluating Payment System Service Providers (December 2010)
(10-CU-25) State of the Credit Union Industry (December 2010)
(10-CU-21) State of the Credit Union Industry (September 2010)
(10-CU-20) NCUA's 2010 Corporate Credit Union Rule (September 2010)
(10-CU-19) Corporate Credit Union System Resolution (September 2010)
(10-CU-17) NCUSIF Premium Analysis (September 2010)
(10-CU-12) State of the Credit Union Industry as of March 31 (June 2010)
(10-CU-09) Temporary Corporate CU Stabilization Fund Assessment (June 2010)
(10-CU-05) State of the Credit Union Industry as of Dec. 31 (April 2010)
(09-CU-20) Premium Assessments (October 2009)
(09-CU-14) Corporate Stabilization Fund Implementation (June 2009)
(09-CU-10) Matters Related to Paid-in-Capital and Membership Capital of Corporate Credit Unions (May 2009)
(09-CU-06) Corporate Stabilization Program - Conservatorship of U.S. Central FCU and Western Corporate FCU (March 2009)


Complete letters to CUs archive (by year)

 

Information

NCUA Board Action Bulletin: Increase Less than Half of 2011 Growth Rate; No Share Insurance Fund Premium for 2011 (11/17/11)
NCUA Letter to Federally Insured Credit Unions: Temporary Corporate CU Stabilization Fund Assessment (11-CU-14) Sept. 2011
NCUA Board Action Bulletin: 2011 Stabilization Fund Assessment Set at 25bps, Future Costs Predicted Lower (8/29/11)
NCUA Letter to Federally Insured Credit Unions: Federal Reserve Bank Excess Balance Accounts Fact Sheet (Corporate liquidation - 11-CU-10)

NCUA Final Corporate Rule (04/21/11)
NCUA Board Action Memo on Final Corporate Rule (04/21/11)
NCUA National Credit Union Share Insurance Fund Investment Policy discussed at NCUA Board Meeting (12/16)
NCUA Insurance Fund report from Nov. 30 discussed at NCUA Board meeting (12/16)
NCUA Insurance Fund preliminary financial highlights from Nov. 30 discussed at NCUA Board meeting (12/16)
NCUA's 2011 NCUSIF Premium Estimate Considerations shared at Nov. 18 NCUA Board meeting (11/10)
Preliminary Financial Highlights of NCUIF (Oct. 31, 2010) shared by Mary Ann Woodson, Chief Financial Officer, at Nov. 18 NCUA Board meeting (11/10)
NCUA Insurance Fund Report Shared at Nov. 18 Board meeting: NCUSIF and TCCUSF statistics, Oct. 31, 2010NCUA's proposed rule (12 CFR Parts 701, 704 and 741) on corporate credit unions (11/10)
NCUA's Board Action Memorandum requesting approval to publish the proposed corporate rule on corporate credit unions (12 CFR Part 704) in the Federal Register for 30 day comment period. (11/17/10)
NCUA's interim final rule with request for comments on technical corrections to corporate rule (12 CFR Part 704) (11/10) 
NCUA's Board Action Memorandum regarding technical corrections to corporate rule (11/2/10)
NCUA's Proposed Interpretive Ruling & Policy Statement (IRPS): Guidance on the requirements & process for chartering federal corporate CUs (10/1/10)
NCUA's proposed final coroprate rule (9/24/10)
NCUA Share Insurance Restoration Plan (9/16/10)
Matz Statement on Share Insurance Fund Premium (Sept. 2010)
NCUA Board Action Memorandum regarding share insurance premium (9/16/10)
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

 

Press Releases

NCUA settles claims against HSBC (3/13/12)
NCUSIF earns 'clean' audit for 2011 (2/16/12)
NCUA already implementing GAO recommendations on credit unions (1/4/12)
NCUA launches two websites to increase transparency of Corporate system resolution (12/28/11)
NCUA Stabilization Fund receives clean 2010 audit (12/27/11)
NCUA continues to seek recoveries, files suit against Wachovia (11/29/11)
NCUA settles claims against Citigroup (11/14/11)
NCUA settles claims against Deutsche Bank Securities (11/14/11)
NCUA promotes acquisition of Western Bridge Corporate FCU operations (9/23/11)
NCUA announces bidders' meeting for US Central bridge operations (9/23/11)
NCUA to ensure uninterrupted services from U.S. Central Bridge Corporate (9/2/11)
NCUA to ensure uninterrupted service to Western Bridge members (9/1/11)
NCUA Files Fourth Suit in String Against Securities Firms to Recover Billions: Recoveries will Benefit all Federally Insured Credit Unions (8/9/11)
NCUA Announces Voluntary Prepayment of Stabilization Assessment Fund Results: Nearly $370M in Pledges Falls Short of $500M Required Threshold (8/2/11)
NCUA Files Third Suit in String Against Securities Firms to Recover Billions: Recoveries will Benefit all Federally Insured Credit Unions (7/18/11)
NCUA Suing Securities Firms to Recover Billions: Recoveries will Benefit all Federally Insured Credit Unions (6/20/11)