The NCUA Corporate Stabilization Program was created on January 28, 2009, in response to investment losses incurred at

U.S. Central Credit Union U.S. Central Federal Credit Union (commonly abbreviated as USCU and USFCU) was the largest corporate credit union in the United States. Unlike consumer driven credit unions (referred to as "natural person" credit unions in the industry), U.S. Cent ...

. U.S. Central was a third-level

corporate credit union A corporate credit union, also known as a central credit union, provides services to natural person (consumer) credit unions. In the credit union industry, they are sometimes referred to as "the credit union’s credit union". In the United States ...

that provided services to other corporate credit unions, which in turn served public-facing credit unions. The National Credit Union Administration (NCUA) is an autonomous agency of the United States federal government, and is responsible for regulating and insuring all federally insured credit unions in the United States. The NCUA's plan calls for all federally insured natural-person credit unions in the U.S. to pay an increased insurance premium to the National Credit Union Share Insurance Fund (NCUSIF) in 2009 to make up for the investment losses at U.S. Central, to which the NCUSIF has written a $1 billion capital note. However, NCUA has provided no assurances that the capital losses of the corporate credit unions to be covered through the planned assessment in 2009 will be adequate to cover eventual bad debt losses.

References

External links

* Wall Street Journa
U.S. moves to bail out credit unions
* Washington Pos

Credit unions of the United States Bank regulation in the United States Independent agencies of the United States government Great Recession in the United States 2009 establishments in the United States {{Econ-stub

See also

References

External links