Audit of NCUA Funds Indicates Another Distribution Coming in 2019, Says NAFCU

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ALEXANDRIA, Va.– NCUA is reporting its four funds earned unmodified, or “clean,” audit opinions for 2018, according to audited financial statements released by the agency’s Office of the Inspector General.

The financial statements, audited by the independent auditor KPMG LLP, cover the National Credit Union Share Insurance Fund, the agency’s Operating Fund, the Central Liquidity Facility, and the Community Development Revolving Loan Fund.

According to NCUA, the Share Insurance Fund, which held $15.8 billion in assets on Dec. 31, 2018, protects the deposits of more than 115 million members at about 5,400 federally insured credit unions.

The complete 2018 financial statement audits are available on NCUA.gov.

In response to the released audit statement NAFCU's chief economist, Curt Long, said, "As a result of the NCUA reducing its NOL from 1.39 to 1.38,  NAFCU estimates that the agency will return between $55 to $160 million-dollars to credit unions via shared insurance fund distributions in 2019. NAFCU views this as a positive development, but we will continue to request the NCUA return the NOL to its pre-crisis level of 1.30. Every dollar returned is a dollar available to be lent to credit union members."

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Copyright Holder: CUToday.info
Copyright Year: 2019
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