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NCUA to Host Webinar on Voluntary Prepayment of Stabilization Fund Assessments

Learn More about How Program Could Lower 2011 Assessments

ALEXANDRIA, Va. (July 1, 2011) – The National Credit Union Administration (NCUA) will host a free webinar on the recently adopted Voluntary Prepayment of Corporate Stabilization Fund Assessments program July 11 at 2 p.m. EDT. The program has the potential to decrease the currently projected 2011 Stabilization Fund assessment by 6.4 basis points, from 24.9 to 18.5 basis points of March 31 insured shares.
 
At the May 19 open Board meeting, NCUA made available for public feedback a Voluntary Prepayment of Corporate Stabilization Fund Assessments proposal. The Board adopted a revised version of the plan June 29. The Voluntary Prepayment of Corporate Stabilization Fund Assessments program will permit voluntary prepayments of $500 million in Corporate Stabilization Fund assessments. The plan responds to credit union stakeholder requests to explore a program, similar to a program FDIC adopted in 2009, which would allow prepaid assessments for the Temporary Corporate Credit Union Stabilization Fund.
 
A resource page about this program is available online here. NCUA welcomes the credit union industry and all public stakeholders’ participation in the webinar to improve understanding about the Voluntary Prepayment of Corporate Stabilization Fund Assessments program. Credit unions have until July 29 to decide whether to participate in the initiative.
 
Individuals may register for the webinar at [since this event is in the past, registration is no longer possible]. This webinar will be archived on the NCUA website approximately two weeks after the event for those who cannot participate in the live session.
 
For technical questions related to accessing or registering for the webinar, or questions about the program, email assessments@ncua.gov or call (703) 518-6337.


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 96 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"