Berger urges NCUA refund to credit unions

NAFCU President and CEO Dan Berger on Thursday urged NCUA’s board to develop a plan to dissolve the Temporary Corporate Credit Union Stabilization Fund and to “leave no stone unturned” in efforts to give credit unions a refund before 2021.

NCUA announced Tuesday that it will fully repay the $1 billion outstanding balance on the agency’s borrowing line with the Treasury Department this month. With this final payment, the TCCUSF’s outstanding borrowings will be fully paid off.

“After the debt to the U.S. Treasury has been fully repaid, it is imperative that the agency develop a concrete plan for the years leading up to the dissolution of the Stabilization Fund,” Berger wrote in a letter to NCUA Board Chairman Rick Metsger and Board Member J. Mark McWatters. “During this planning process, we strongly urge the agency to be fully transparent in its management of the Stabilization Fund.

“NAFCU and our members recommend the agency pursue a course of action focused on increased transparency and public input, with the goal being an expeditious refund to credit unions,” Berger continued.

continue reading »