The New York Credit Union Association is seeking feedback on NCUA’s proposed plans to fold the Temporary Corporate Stabilization Fund into the Share Insurance Fund.
The Stabilization Fund was created in May 2009 to absorb the costs of closing down bankrupt corporate credit unions. NCUA is proposing to shut down the Stabilization Fund this year, put the remaining money into the traditional Share Insurance Fund, raise the Share Insurance Fund’s normal operating level from 1.3 percent to 1.39 percent, and refund between $600 million and $800 million to credit unions next year.
In an effort to gather credit union feedback on this matter, the Association is conducting a brief online survey. Responses are requested by Aug. 28, and comments are due to NCUA by Sept. 5.