ARLINGTON, Va.—With the Temporary Corporate Credit Union Stabilization Fund receiving a seventh consecutive clean audit opinion, and showing a positive net position for two consecutive years, NAFCU again is urging NCUA to consider refunding money to credit unions.
NCUA reported the clean audit and net position Tuesday, and Chairman Debbie Matz said that if the trend continues no future assessments will be needed.
“NAFCU and our members are pleased that the stabilization fund continues to turn in clean audits year after year,” said NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt. “With the strong performance of the fund and the NGN program, NAFCU continues to urge NCUA to repay credit unions for the billions of dollars they have been assessed since the fund’s inception. NAFCU remains steadfast in its efforts to ensure that credit unions are made whole as soon as possible.”
The auditing firm, KPMG LLP, issued an unmodified audit opinion with no reportable findings. The Office of the NCUA Inspector General has released its report on the stabilization fund’s audited financial statements. Both documents are available online here.