Volunteer Corporate Credit Union today announced its board of directors had unanimously voted to participate in NCUA's Voluntary Prepayment of Corporate Stabilization Fund Assessments Program. Nashville, Tenn.-based VolCorp indicated it would pre-pay the maximum permitted under NCUA's formula, which amounts to $221,392 in its case.
VolCorp CEO Rick Veach commented in a statement: "Voting unanimously, the VolCorp board of directors, elected to pay the maximum contribution to the corporate stabilization fund allowed under NCUA's funding formula. This is one tangible way we can not only reduce our members' expense, but also help with the financial burden of the corporate stabilization fund for all credit unions."
Last week, Columbus, Ohio-based Corporate One also announced it had voted to pay into the voluntary fund.
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The NCUA will reveal on Aug. 9 whether it has received the $500 million in commitments needed for the prepayment program to go forward.
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