A key Republican House member is asking the NCUA to delay proposals to increase its normal operating level and merge its corporate credit union stabilization fund and its share insurance fund.
"Merging the funds and raising the [operating level] would seem contrary to the intent of Congress when the [stabilization fund] was created," Rep. Sean Duffy (R-Wis.), chairman of the House Financial Services' Housing and Insurance Subcommittee.
The NCUA has solicited comments on a plan to close the stabilization fund in September; that could result in a Share Insurance Fund distribution to federally insured credit unions of between $600 and $800 million. The stabilization fund had been scheduled to close in 2021.
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