[Federal Register Volume 73, Number 223 (Tuesday, November 18, 2008)]
[Notices]
[Page 68450]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-27274]


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NATIONAL CREDIT UNION ADMINISTRATION


Temporary Corporate Credit Union Liquidity Guarantee Program

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice.

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SUMMARY: This notice contains information about the National Credit 
Union Administration's Temporary Corporate Credit Union Liquidity 
Guarantee Program (TCCULGP).

ADDRESSES: 1775 Duke Street, Alexandria, Virginia 22314.

FOR FURTHER INFORMATION CONTACT: David Shetler, Senior Corporate 
Analyst, Office of Corporate Credit Unions, at the above address or 
telephone (703) 518-6646.

SUPPLEMENTARY INFORMATION:
    On October 16, 2008, the National Credit Union Administration Board 
approved the TCCULGP. Under the terms of the TCCULGP, the National 
Credit Union Share Insurance Fund will guarantee certain unsecured debt 
of participating corporate credit unions issued from October 16, 2008 
through June 30, 2009. Types of qualifying debt obligations generally 
include federal funds purchased, promissory notes, commercial paper, 
and unsubordinated unsecured notes.
    NCUA's guarantee is subject to terms and conditions. In addition, 
corporate credit unions may elect not to participate in the TCCULGP, 
and those credit unions that do participate may elect not to offer the 
NCUA guarantee on all qualifying debt obligations.
    To ensure that a particular debt obligation is covered by the 
guarantee, creditors wishing to take advantage of the NCUA guarantee 
must:
    (1) Ensure the corporate credit union has elected to participate in 
the TCCULP;
    (2) Ensure the debt obligation qualifies for coverage under the 
terms and conditions of the TCCULGP, and
    (3) Obtain and record a confirmation, issued by the participating 
corporate credit union contemporaneous with the issuance of the debt 
obligation, that the credit union intends that particular obligation to 
be guaranteed by the NCUA.
    Once guaranteed by NCUA, qualifying debt will remain guaranteed 
until the debt is fully repaid.
    NCUA will publish a list of participating corporate credit unions 
on the web on November 18, 2008 at http://www.ncua.gov/CorporateCU/index.htm.
    For more information about the TCCULGP, including terms, 
conditions, and participants, interested parties may contact Senior 
Analyst Dave Shetler of the NCUA Office of Corporate Credit Unions.

    Authority: 12 U.S.C. 1766(a), 1766(i)(2), 1783(a), 1788(a)(1), 
and 1789(a)(7).

    Dated: November 12, 2008.
Hattie Ulan,
Acting Secretary of the Board.
[FR Doc. E8-27274 Filed 11-17-08; 8:45 am]
BILLING CODE 7535-01-P