2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
Established by the National Credit Union Association (NCUA) Board in 2009 to stabilize the corporate credit union system after large investment losses were incurred at the then U.S. Central Credit Union, the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) may have run its course.
On July 20, the Board is scheduled to hold an open meeting to discuss the fund and issue a request for comments on closing it so the National Credit Union Share Insurance Fund’s normal operation level can be restored.
The TCCUSF has continued a positive net position, increasing from $500 million to $1.5 billion in the year ending Dec. 31, 2016. This recovery on legal claims has created a surplus which means credit unions that have paid stabilization assessments, a staggering $4.8 billion over the years, may see some of this money back.
Based on current projections, the NCUA does not anticipate credit unions paying any more assessments, and since the fund currently holds a positive net position, the possibility of closing the fund earlier than anticipated is within reach. If the fund closes sooner than its 2021 expiration date, the likelihood of credit unions receiving a maximum rebate on the amount they have paid to date is high.
Check back for more information on the future of the TCCUSF or reach out to a member of our national Financial Institutions Group.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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