NCUA Releases PricewaterhouseCoopers
Corporate CU Report Summary
Alexandria, Va. March 10, 2009 -- The National Credit Union Administration today is releasing a summary of the PricewaterhouseCoopers LLP (PwC) report, with recommendations for stabilization and improvement of the corporate credit union system.
The NCUA Board engaged PwC in November 2008 to review NCUA recommendations for realignment of the corporate credit union (corporate) system. PwC worked with NCUA analyzing stabilization and improvement recommendations and implementation challenges utilizing input from a broad array of sources.
“The PricewaterhouseCoopers LLP confidential report followed a thorough analysis and input from all sources with critical knowledge of the corporate credit union system,” the NCUA Board said in a joint statement. “The report augments existing information and serves to validate staff evaluations that the Board will use, along with comments received from the advance notice of proposed rulemaking, when considering whether to amend its regulation governing corporate credit unions.”
The report identifies good practice models from the industry and outlines proposed actions to address corporate system needs. Specifically, the comprehensive report includes guiding principles for stabilizing and improving the corporate credit union system. It identifies issues and provides observations and recommendations in four areas: (1) liquidity; (2) capital; (3) structure; and, (4) risk management.
The PwC summary is attached.
The National Credit Union Administration charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the accounts of nearly 89 million account holders in all federal credit unions and the majority of state-chartered credit unions. NCUA is funded by credit unions, not federal tax dollars.
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