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NCUA to Hold Media Roundtable on Voluntary Prepaid Assessment Program

Larry Fazio, NCUA Deputy Executive Director, to Brief Press on Proposal

ALEXANDRIA, Va. (May 19, 2011) – Reporters are invited to participate in a media roundtable about an NCUA-proposed voluntary prepaid Stabilization Fund assessments program at 10 a.m. EDT tomorrow, May 20.
 
The voluntary prepayment of assessments proposal by the National Credit Union Administration (NCUA) responds to stakeholder requests to explore a program of prepaid, or advanced, assessments for the Temporary Corporate Credit Union Stabilization Fund similar to a program adopted by the FDIC in 2009. The voluntary prepaid assessments proposal seeks to improve the liquidity of the Stabilization Fund and would permit interested parties to use excess funds to aid in managing corporate resolution cash flow needs over the next two years.
 
NCUA’s deputy executive director, Larry Fazio, will lead the briefing. Reporters will have an opportunity to ask questions after an initial presentation.

Media representatives wishing to participate in person must submit their names to Dan Moran (pacamail@ncua.gov) for security purposes by 9 a.m. Friday, May 20. Reporters will meet in the lobby at NCUA headquarters, 1775 Duke St., at 9:30 a.m.

 
Media wishing to participate via teleconference should dial (800) 516-9896, code: 1240278487. Due to difficulties with multiple people speaking during a conference call, questions from those participating in this method must be submitted in advance to David Small at dsmall@ncua.gov. Questions will also be taken via email live during the briefing to the same address, however all effort should be made to submit in advance to ensure your question is addressed during the event.
 
The NCUA Board was briefed on the proposal at its May 19 open board meeting. NCUA has also invited public input on the proposal. For background, a program outline can be found on NCUA’s website on this page.


NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 97 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..

--NCUA--

National Credit Union Administration

Office of Public & Congressional Affairs

703.518.6330
pacamail@ncua.gov

Contacts:

John Fairbanks
Office: 703.518.6336
jfairbanks@ncua.gov

Ben C. Hardaway
Office: 703.518.6333
Mobile: 703.298.5223 bhardaway@ncua.gov

Kenzie Snowden
Office: 703.518.6334
ksnowden@ncua.gov

"Protecting credit unions and the consumers who own them through effective regulation"