The assets and liabilities of the corporate asset management states (AMEs) were transferred from the Temporary Corporate Credit Union Stabilization Fund to the National Credit Union Share Insurance Fund on October 1, 2017. These assets and liabilities are held in part, for the primary benefit of non-federal parties and therefore are considered fiduciary in accordance with Federal Accounting Standards Advisory Board (FASAB) Statement of Federal Financial Accounting Standards (SFFAS) No. 31, Accounting for Fiduciary Activities. Fiduciary assets are not assets of the federal government and therefore are not recognized on the Balance Sheet of the SIF.
Unless expressly guaranteed by the NCUA and backed by the full faith and credit of the United States, the AMEs’ unsecured creditors could only expect to be paid if recoveries from the assets of the AMEs are sufficient to be distributed to the unsecured creditors in order of priority as set forth in 12 CFR §709.5(b).