By Donya Parrish
It’s easy to forget how painful 2009-2010 was financially for the credit union industry. Some of you may not have even been on your credit union’s board then. A reminder of those difficult days came along this week when the NCUA Board announced they are closing the TCCUSF, a fund that was set up to bail out five failing corporate credit unions during the financial crisis.
The assessments that credit unions paid to the corporate stabilization fund were at a time when many, if not all, of you had your own challenges with local economies, members out of work, and the pressures of an uncertain national market and zero rate environment. But, even though few of you would have chosen to make those payments, they are something our cooperative industry should be very proud of. Credit unions saved those corporate losses from flowing to consumers and taxpayers by paying to help out others in the system. That is not a claim that the banking and insurance industries can make.
The agency is holding a webinar on August 9 to discuss their plans for issuing refunds to credit unions in early 2018, as well as to solicit input on increasing the operating level of the National Credit Union Share Insurance Fund (NSUSIF) to withstand downturns that may occur in the future. You can register for the webinar that will be at noon (Montana time) or visit their Stabilization Fund Closure page for more details.