Credit Union National Association President/CEO Bill Cheney called it "welcome news for credit unions" when the National Credit Union Administration confirmed Wednesday that there would be no Temporary Corporate Credit Union Stabilization Fund (TCCUSF) assessment charged in 2014.
"As CUNA has argued since last summer, the need for continued assessments has been unnecessary for some time. With the improved performance of the NCUA's legacy assets, we are glad that the NCUA agrees that stabilization fund assessments should end after the 2013 payment," Cheney remarked.
The agency also went so far to say that credit unions are much less likely to be charged another TCCUSF assessment going forward. These are outcomes CUNA has been pushing for with NCUA. The agency said the positive TCCUSF news is the result of a $1.4 billion settlement with JP Morgan and the continued improvement in the performance of the legacy assets underlying the NCUA Guaranteed Notes program.