JPMorgan Chase settlement reduces chance of future corporate assessments
02/13/2014 05:03 pm
The net remaining Stabilization Fund projected assessment range now runs from negative $1.9 billion to negative $400 million, compared to the negative $200 million to $1.6 billion projection from the second quarter of 2013. As long as both ends of the range remain negative, there will likely be no need for future assessments.
The net proceeds from the $1.4 billion JPMorgan Chase settlement in November 2013 and the continued improvement in the performance of the legacy assets underlying the NCUA Guaranteed Notes (NGN) program during the third quarter of 2013 caused the decline in the assessment range.
“Our legal team is diligently pursuing our claims against the Wall Street securities firms who sold faulty securities to five corporate credit unions, causing them to fail and triggering a crisis in the system,” NCUA Board Chairman Debbie Matz said. “That hard work is paying off, and we will continue our efforts to hold accountable those who helped precipitate the crisis.”