KPMG Issues Unqualified Opinion to NCUA for Fourth Consecutive Audit
ALEXANDRIA, VA (March 27, 2013) – The Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund) has again received a clean audit opinion, the National Credit Union Administration (NCUA) announced today.
In releasing the 2012 audited financial statements for the Stabilization Fund, NCUA noted that KPMG LLP, the independent firm that audits the Stabilization Fund’s financial statements, issued an unqualified audit opinion with no reportable findings.
“An independent auditor has given NCUA a clean financial statement audit opinion for the Stabilization Fund each year since Congress established it in 2009,” said NCUA Board Chairman Debbie Matz. “KMPG’s report is confirmation that we are fulfilling our financial reporting responsibilities. We are operating the fund prudently and providing high-quality reporting that satisfies our need to maintain transparency as we manage the resolution of the corporate credit union crisis.”
The audit report and the Stabilization Fund’s financial statements are available here. The Stabilization Fund is a revolving fund in the U.S. Treasury, managed by the NCUA Board. It is currently scheduled to close in 2021. The Stabilization Fund gives NCUA the necessary flexibility to manage costs to the credit union system resulting from losses on troubled mortgage-backed securities purchased by five failed corporate credit unions. NCUA liquidated these five failed credit unions in 2010.
During 2012, the Stabilization Fund’s financial condition remained stable, maintaining sufficient liquidity to meet its obligations, and its deficit net position continued to decline.
With the 2012 Stabilization Fund audit complete, NCUA will soon update its two public website sections detailing Corporate System Resolution Costs and NCUA Guaranteed Notes Program information through the final quarter of 2012. NCUA will produce updated questions and answers covering final 2012 data on the total actual losses or implied write-downs on the failed corporates’ legacy assets, and the most recent estimated loss projection ranges.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 94 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.