Defending their decision to increase the agency's operating level, NCUA board members said they are prudently protecting the Share Insurance Fund and are not engaging in a "cash grab."
In lengthy statements at Thursday's meeting and a roundtable discussion with reporters, Chairman J. Mark McWatters and board member Rick Metsger said increase in the agency's Normal Operating Level will safeguard the agency.
The board approved a plan Thursday to merge its corporate stabilization fund with the Share Insurance Fund—a move that could result in a rebate of between $600 million and $800 million to federally insured credit unions in March.
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