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“This represents a significant victory for our credit unions, and is the result of a true 360 degree advocacy effort by your League, CUNA, and credit unions. Last year, we strongly advocated to the NCUA to close the stabilization fund in 2017, and to have those funds distributed in 2018. Additionally, our encouragement led to a number of Maine CUs sending comments to the NCUA in support of this plan, as well,” remarked Todd Mason, President/CEO of the Maine CU League, about the announcement this week by the NCUA that it would be distributing payments from the stabilization fund next week.
In its announcement, the NCUA said that more than 5,700 credit unions are eligible for the $735.7 million share insurance distribution. Statements have been mailed to recipients, indicating the amounts each will receive.
Mason said the stabilization fund “served its purpose but since the total cost of resolving the conserved corporates was much lower than anticipated back in 2010, and substantially less than the amounts credit unions have paid toward the resolution, the time is right to return those funds to credit unions.”
NCUA reported that distribution payments would begin on July 23rd.
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