NCUA Corporate Stabilization Program

The NCUA Corporate Stabilization Program was created on January 28, 2009,[1] in response to investment losses incurred at U.S. Central Credit Union,[2] which is the Corporate Credit Unions' corporate credit union.

The National Credit Union Administration (NCUA) is an autonomous agency of the United States federal government, and is responsible for regulating and insuring all federally insured credit unions in the United States.

The NCUA's plan calls for all federally-insured natural-person credit unions in the U.S. to pay an increased insurance premium to the National Credit Union Share Insurance Fund (NCUSIF) in 2009 to make up for the investment losses at U.S. Central, to which the NCUSIF has written a $1 billion capital note[3]. However, NCUA has provided no assurances that the capital losses of the corporate credit unions to be covered through the planned assessment in 2009 will be adequate to cover eventual bad debt losses.

See also

References

  1. ^ NCUA Press Release, January 28, 2009
  2. ^ CU Times article U.S. Central Earns an F from Fitch
  3. ^ Boston Globe Paying a Giant's Price, February 13, 2009

External links


Wikimedia Foundation. 2010.

Look at other dictionaries:

  • Corporate credit union — A corporate credit union, also known as a central credit union, provides services to natural person (consumer) credit unions. In the credit union industry, they are sometimes referred to as the credit union’s credit union . In the United States,… …   Wikipedia

  • Troubled Asset Relief Program — TARP redirects here. For other uses, see Tarp. This article is about the Treasury fund. For the legislative bill and subsequent law, see Public Law 110 343. For the legislative history and the events leading to the law, see Emergency Economic… …   Wikipedia

  • National Credit Union Administration — Official seal Agency overview Formed March 10, 1970 Preceding agency …   Wikipedia

  • Community Reinvestment Act — The Community Reinvestment Act (CRA, Pub.L. 95 128, title VIII of the Housing and Community Development Act of 1977, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial… …   Wikipedia

  • Federal Reserve System — FRB and FED redirect here. For other uses, see FRB (disambiguation) and FED (disambiguation). Federal Reserve System …   Wikipedia

  • New York State Banking Department — Past NY Banking Superintendents Superintendent Appointment Date Daniel B. St. John April 15, 1851 Marius Schoonmaker April 4, 1854 James M. Cook January 30, 1856 Henry H. Van Dyck April 16, 1861 Edward Hand (banking) August 9, 1865 Emerson W. K …   Wikipedia

  • Federal Deposit Insurance Corporation — FDIC …   Wikipedia


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.