Stabilization fund rebates on NCUA’s Feb. 15 agenda

The NCUA board will discuss the process of getting rebates to credit unions from the closure of the Temporary Corporate Credit Union Stabilization fund, according to the agenda released Thursday. NCUA closed the fund Oct. 1 of last year, and said rebates are expected in 2018.

“NCUA’s decision to close the stabilization fund and start issuing refunds was a victory for credit unions and we look forward to hearing the board’s thoughts during next week’s meeting,” said CUNA President/CEO Jim Nussle. “CUNA was the only national trade association advocating for refunds to begin in 2018, and more than 90% of credit unions who commented on NCUA’s proposal supported our position. Credit unions look forward to getting their money back and putting it to work for their members.”

NCUA merged the stabilization fund with the National Credit Union Share Insurance Fund last year. While CUNA supported the plan, it expressed concerns about the rise in the Normal Operating Level, saying it was too high.