The National Credit Union Administration (NCUA) will host a free webinar on its voluntary Corporate Stabilization Fund assessment prepayment plan on July 11 at 2 p.m. The event will be moderated by Chairman Debbie Matz, joined by Deputy Executive Director Larry Fazio, Examination and Insurance Director Melinda Love, Chief Economist John Worth, and staff attorney Lisa Henderson. The purposes is to provide an understanding of the prepayment program.
NCUA's Pre-Payment Program is voluntary for insured credit unions. The agency hopes to realize prepayment of Corporate Stabilization Fund assessments to the tune of $500 million, which will result in a reduction of the 2011 regular assessment from 24.9 basis points (bp) to 18.5 bp. NCUA will not move forward with the plan if less than $500 million is pledged by credit unions. Meanwhile, CUNA and others are seeking that NCUA raise the cap to $1 billion in order to have further reductions in credit union assessments. Credit unions must indicate intent to participate with a completed program agreement by July 29th. If NCUA moves forward it will debit the pledge from credit union accounts on August 18th.
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