NCUSIFNational Credit Union Share Insurance Fund
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The agency's budget has grown dramatically over the past several years, sucking up nearly all the profit the NCUSIF made investing the premiums paid into it by credit union member since its creation in 1980.
NCUSIF's fiscal year 2004 management representation letter did not provide all the information necessary to support Treasury and OMB's preparation of the CFS management representation letter.
"There are few guarantees in life, but the FDIC and NCUSIF offer one of them," said Ms.
Accounts in federally chartered credit unions were uninsured until 1970, when President Nixon signed a law providing such insurance and establishing the NCUSIF. All federal credit unions were required to be insured, and state-chartered credit unions could obtain this insurance at their option, if they satisfied the criteria established by law.
The Act clearly says the only thing the NCUA can do with excess stabilization funds is merge it with the NCUSIF. And no, the NCUA cannot and should not abuse the "Chevron Doctrine," to pay credit unions directly from the stabilization fund.
Federal law requires the normal operating level for the NCUSIF to fall between 1.20% and 1.50%.
Andrew Price, senior director of advocacy and counsel for the nation's largest credit union trade group, suggested that the agency is attributing too many actions to insurance-related costs, adding that "safety and soundness should not be a catch-all by which NCUA can allocate all of its activities for purposes of having the NCUSIF fund the agency."
"Further, unlike the other investors seeking to recover funds from AB&C for their personal benefit, the Liquidating Agent is performing a public function in accordance with all powers afforded it under the FCUA to minimize the loss to the NCUSIF."
Instead, they should engage in forward thinking to address new challenges and threats to the NCUSIF and the community;
The board is also expected to announce if it will charge credit unions an NCUSIF premium or corporate stabilization assessment.
Chip Filson, former NCUA executive and co-founder of consultancy firm Callahan & Associates, influenced the NCUSIF, CLF, credit union balance sheets and strategy.
The NCUA chairman also took aim at CUSOs, writing that since 2008, the NCUA estimated that nine CUSOs have caused more than $300 million in direct losses to the NCUSIF.