Tuesday, August 2, 2011

Voluntary Prepayment Program Scuttled (Updated)

NCUA announced today that it will not move forward with its Voluntary Prepayment of Corporate Stabilization Fund Assessment program.

The agency stated that it needed to receive pledges of $500 million, if it was going to move forward with the program. However, NCUA reported that it received pledges of $369.9 million from 799 credit unions.

On June 29, NCUA raised the minimum pledge threshold from $300 million to $500 million for the program to be implemented.

Read the press release.
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