National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger wrote NCUA commending its leadership for completing the agency’s repayment to the Treasury Department, and urging the board members to develop a plan to dissolve the Temporary Corporate Credit Union Stabilization Fund and create a plan for expeditious repayment of stabilization costs to credit unions, before 2021.
“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.
Berger also issued the following statement in response to NCUA’s announcement today regarding the legal fees paid related to the agency’s lawsuits against the firms that sold faulty securities to five now-defunct corporate credit unions.
“We thank Board Chairman Rick Metsger and Board Member J. Mark McWatters for their continued pursuit of recoveries on behalf of the failed corporate credit unions and the transparent action taken today; NAFCU has long called for the release of all information relative to corporate resolution, including legal fees.”