NCUA Reports Continued Improvement in Corporate Resolution Costs
New updates on the costs associated with the Corporate Resolution Program, the performance of the NCUA Guaranteed Notes Program, and the total anticipated assessments credit unions will pay during the life of the Stabilization Fund is now available on our website.
NCUA Sets Budget Briefing for Oct. 27
NCUA will hold a public briefing on its proposed 2017–2018 budget on Thursday, Oct. 27, from 2 p.m. to 4 p.m. Eastern in the agency’s boardroom in Alexandria, Virginia. The agency plans to release its draft budget during the week of Oct. 9 to give interested parties ample time to review the document prior to the briefing. Comments suggesting specific changes to the proposed 2017–2018 budget are due Friday, Nov. 4, at 5 p.m. Eastern.
NCUA Legal Recoveries Exceed $4 Billion
NCUA will receive $1.1 billion to settle legal claims against Royal Bank of Scotland arising from the sale of faulty mortgage-backed securities to two corporate credit unions. Once payment is made, NCUA’s recoveries from various financial institutions will reach $4.3 billion. Net proceeds from recoveries are used to pay claims against five failed corporate credit unions, including those of the Temporary Corporate Credit Union Stabilization Fund.
Median Loan Growth Positive in Every State; Nevada, Washington Highest
Nationally, median growth in loans outstanding was 4.3 percent over the year ending in the second quarter of 2016, up from 4.0 percent the previous year, according to NCUA’s latest Quarterly State Map Review. The highest median growth rates for loans were in Nevada (10.0 percent) and Washington (9.2 percent). Median loan growth was slowest in Pennsylvania (0.8 percent) and the District of Columbia (1.3 percent).
Credit Unions Must Prep for New Cyber Risks
At its September open meeting, the NCUA received a briefing from the Office of Examination and Insurance on the rapidly changing nature of cybersecurity. The agency’s Chief Financial Officer also briefed the Board on the performance of the Temporary Corporate Credit Union Stabilization Fund, which performed well in the first half of 2016.