ALEXANDRIA, Va.—The Temporary Corporate Credit Union Stabilization Fund has received a seventh consecutive clean audit opinion, posting a positive net position for two consecutive years, NCUA reported Tuesday, adding that if the trend continues no future assessments will be needed.
During 2015, the Stabilization Fund’s financial condition remained stable, maintaining sufficient available liquidity to meet its obligations, NCUA started. This was the second consecutive year in which the Stabilization Fund had a positive net position. NCUA said a detailed report will be presented at the March 24 open board meeting.
“Credit unions have been spared billions of dollars in potential losses since 2009 because of the careful management of the Temporary Corporate Credit Union Stabilization Fund,” NCUA Board Chairman Debbie Matz said. “NCUA remains committed to effective and transparent management for the Stabilization Fund, and, if present trends continue, the agency does not expect to charge credit unions assessments for the Stabilization Fund in the future.”
The Stabilization Fund is currently scheduled to close in 2021.
KPMG LLP, the independent firm that audits the Stabilization Fund’s financial statements, issued an unmodified audit opinion with no reportable findings. The Office of the Inspector General released its report on the Stabilization Fund’s 2015 audited financial statements Tuesday. The Inspector General’s report and the Stabilization Fund’s financial statements are available online here.
With the 2015 Stabilization Fund audit complete, NCUA said it will soon update its two public website sections detailing Corporate System Resolution Costs and NCUA Guaranteed Notes Program information through the final quarter of 2015. NCUA added that it will produce updated questions and answers covering final 2015 data on the total actual losses and implied write-downs on the failed corporates’ legacy assets and the most recent estimated loss projection ranges.