NAFCU statement on NCUA Board action on fixed assets, budget

WASHINGTON, D.C. (July 23, 2015) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement regarding today’s National Credit Union Administration (NCUA) Board meeting, during which the board voted to eliminate the 5 percent limitation on federal credit union investments in fixed assets. The board also covered the midyear budget review and the quarterly report on the Temporary Corporate Credit Union Stabilization Fund (TCCUSF).

“NAFCU strongly supports this final rule, and we appreciate the NCUA Board’s leadership acting on this much-needed piece of regulatory relief,” said Berger. “Federal credit unions deserve the flexibility to manage their investment in fixed assets independently, and we applaud NCUA for amending its regulations to allow such flexibility while still maintaining a safe and sound system.”

“In terms of the agency’s midyear budget review, NAFCU continues to urge NCUA to ensure it is making the very best of the dollars credit unions pay – dollars credit unions otherwise would be using to strengthen operations and meet the needs of their members. Credit unions are obligated by law to provide these monies, but that does not preclude NCUA from its responsibility to operate in an efficient manner – or to be open about the manner in which the funds provided by credit unions are utilized.”

“With regard to the agency’s TCCUSF quarterly report, NAFCU and our members are pleased with the stabilization fund’s solid performance, that NCUA anticipates no stabilization assessment this year and that there is growing likelihood of a refund to credit unions at some point in the future.”

The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance.

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