NCUA Chairman Michael E. Fryzel said today that his agency is putting together a proposal would create a new mechanism to replenish the NCUSIF.
He said in a statement that the agency has spoken with lawmakers and their staffs about creating a "corporate stabilization mechanism" that would supplement the NCUSIF. It would replenish the fund through an arrangement with the Treasury Department and give credit unions more time to make additional payments to replenish the fund.
He said the board will review and vote on the proposal at its executive session meeting on Thursday.
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